Supply crimp buoys aluminum scrap

Feb 04, 2014 | 03:40 PM | Nathan Laliberte

Tags  aluminum scrap, scrap prices, LME, London Metal Exchange, winter weather, Midwest premiums, shipping, YRC Freight J.B. Hunt

NEW YORK — Secondary aluminum smelters’ scrap prices were mostly steady Feb. 3 despite aluminum’s drop to a more than four-and-a-half-year low on the London Metal Exchange, as market players braced for restricted scrap flows due to continued winter weather conditions across much of the eastern half of the country.

The three-month LME aluminum contract ended the official session Feb. 3 at $1,701.50 per tonne (77.2 cents per pound), down 1.6 percent from $1,729.50 per tonne (78.4 cents per pound) Jan. 30. The contract fell further to $1,686.50 per tonne (76.5 cents per pound) Feb. 4, the lowest level since hitting $1,658 per tonne (75.2 cents per pound) July 16, 2009.....

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