Midwest aluminum premiums drop

Aug 22, 2013 | 03:58 PM | Michael Cowden

Tags  Midwest premium, P1020, London Metal Exchange, LME, aluminum, Michael Cowden

CHICAGO — Midwest aluminum premiums dropped this week as the summer doldrums, warehouse-policy uncertainty, and bearish sentiment about premiums and London Metal Exchange aluminum prices pushed consumers to hand-to-mouth buying.

AMM’s spot premiums for P1020 dropped to 11 to 11.25 cents per pound Aug. 21 from 11.40 to 11.85 cents previously.

"With the LME uptick and discussions that premiums are angling downward, consumers are on the sidelines. ... If you think the LME and premiums are going down, then it behooves you to be conservative on your buy," one trader said.....

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