Midwest aluminum premiums dip amid hesitancy

Sep 12, 2013 | 02:52 PM | Michael Cowden

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

CHICAGO — Midwest aluminum premiums weakened this week as a quiet market and uncertainty about London Metal Exchange warehousing rules continued to push prices down.

Also dogging the market were wide bid-ask spreads, with some buyers reportedly seeking premiums as low as 9 to 9.5 cents per pound while sellers were pushing for 10.25 to 10.5 cents, market sources said.

"It’s pretty quiet. I’ve seen some interest, but it’s tough to get anything done," one trader said. "The bids are below market value, and the offer side is a little high unless you need something prompt."

AMM’s spot P1020 aluminum premium range narrowed to 10 to 10.5 cents per pound Sept. 11 from 10 to 11 cents previously.....

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