Aluminum premiums to drop on LME rules: exec

Jul 31, 2013 | 05:47 PM | Michael Cowden

Tags  Century Aluminum, aluminum premium, LME, Michael Bless, Midwest premium, regional premiums, LME, warehouse rule change

CHICAGO — Regional aluminum premiums, including Midwest premiums, will likely drop in response to proposed changes to London Metal Exchange warehousing policies, according to Century Aluminum Co.’s top executive.

The proposed rule changes would limit the ability of warehouses to continue accumulating metal, Michael Bless, president and chief executive officer of the Chicago-based aluminum producer, said during a conference call following the release of second-quarter earnings.
“The markets right now are really in a state of flux pending further developments,” Bless said. “But it goes without saying that, all else being equal, any new rules of this kind are very likely to have a downward effect on premiums. It’s just difficult at this point to predict the extent of that impact and the timing of it.” ....

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