Aluminum Midwest premiums tumble again

Sep 26, 2013 | 03:27 PM | Michael Cowden

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

CHICAGO — Midwest aluminum premiums edged down again this week due to continued uncertainty over proposed London Metal Exchange warehouse policies and a stalemate between buyers and sellers over where premiums might settle.

AMM’s spot P1020 aluminum premium range dropped to 9.5 to 10 cents per pound Sept. 25 from 10 to 10.5 cents previously. Some market sources reported formula-based contract business at 9 cents or below while others insisted that reported premiums were already too low to be sustained.

Several market players chalked the lull to seasonal factors: consumers needing less metal in the holiday-shortened months of November and December and reluctance to stock up on inventory before year-end.....

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