Midwest P1020 aluminum premiums rise

Dec 04, 2013 | 04:18 PM | Michael Cowden

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

CHICAGO — Midwest aluminum premiums have increased as spot availability has tightened at the same time that wide spreads on the London Metal Exchange continue to support financing deals.

AMM’s spot P1020 aluminum premium increased to a range of 10.75 to 11 cents per pound Dec. 4 from 10 to 10.25 cents previously.

While some sources predicted that premiums could head even higher, others cautioned that the upward move could be short-lived, given new LME warehouse rules that are scheduled to take effect next year (amm.com, Nov. 7). Rio Tinto Alcan Inc chief executive officer Jacynthe Côté said earlier this week that the rule change could push premiums downward (amm.com, Dec. 3).....

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