Midwest spot aluminum premiums rise

May 30, 2013 | 04:54 PM | Michael Cowden

Tags  Midwest premium, P1020, LME, London Metal Exchange, warehouse, Detroit, aluminum, aluminum prices nonferrous

CHICAGO — Midwest aluminum premiums rose slightly over the past week amid concerns about metal supplies as material continues to be tied up in financing deals at the warehouses.
AMM’s Midwest aluminum premium narrowed to 11.5 to 12 cents per pound from 11 to 12 cents previously. There were some reports of spot buys as high as 12.5 cents and as low as 11 cents, although most sources agreed that the bulk of business is taking place within the new range. One market observer reported a deal in the Owensboro, Ky., area for approximately 1 million pounds at 11 cents. But a consumer in the same region said that such regional discounts were disappearing....

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