Midwest aluminum premiums steady

Nov 14, 2013 | 06:08 PM | Michael Cowden

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

CHICAGO — Midwest aluminum premiums held steady this week despite announced reforms to London Metal Exchange warehouse policies and buyer anticipation that tags should tumble in the coming months.

AMM’s spot P1020 aluminum premium was unchanged Nov. 14 at 10 to 10.25 cents per pound.

Producer and trader sources reasoned that premiums remained on firm ground because of fair demand, supply cuts and metal remaining locked up in financing deals despite the LME’s move to shorten queues at congested warehouses.

"There’s water everywhere, but not a drop to drink," one trader said, adding that the replacement units of P1020 were expensive despite high warehouse inventories.....

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