Midwest P1020 aluminum premiums jump

Jun 27, 2013 | 05:00 PM | Michael Cowden

Tags  aluminum, Midwest premium, P1020, LME, warehouses, aluminum scrap, michael cowden

CHICAGO — Midwest premiums for P1020 aluminum increased this week as big price declines on the London Metal Exchange led traders to hold onto metal and producers to push for higher premiums in an attempt to stem losses, market participants said.

AMM’s Midwest premium increased to 11.75 to 12.25 cents per pound June 26 from 11.6 to 12 cents previously.

"Everybody is soaking metal into warehouses and nothing is coming out. And if you are buying from producers, they are selling through the traders who are driving up the premiums," one consumer said. "No one is realistic about what the premiums should be. Your beer (can) producers are not real happy.....

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