Midwest aluminum premiums steady
Nov 14, 2013 | 06:08 PM
| 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.
AMMs 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 LMEs move to shorten queues at congested warehouses.
"Theres 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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