LME vows to fix problems with Nasaac
Feb 26, 2014 | 02:55 PM
| Nathan Laliberte
MARCO ISLAND, Fla. The London Metal Exchange is committed to analyzing and addressing the drivers behind "queue-related" premiums, which are affecting the supply of North American special aluminum alloy contract (Nasaac) material, an LME representative said at the North American Die Casting Industrys (Nadca) Executive Conference Feb. 25.
Of the 78,020 tonnes of Nasaac inventories as of Feb. 24, more than 91 percent (71,160 tonnes) was held in LME-listed warehouses in Detroit, a location that has been impacted by a huge build up of primary, or P1020, aluminum in recent years.
Warrant holder cancellation activity has resulted in lengthy queues at numerous U.S.-based warehouses, LME head of education and marketing Catherine Markey said at the conference in Marco Island. Accordingly, a decline in premiums may "not be fully observed until all queues begin to fall."....
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