Midwest aluminum premiums rise

Apr 04, 2014 | 10:01 AM | Michael Cowden

Tags  Midwest premium, P1020, London Metal Exchange, LME, warehouse, warehosue reform, U.K. High Court, Brazil power shortage

CHICAGO — Midwest aluminum premiums have reversed course and inched upward after a court ruling in the United Kingdom prevented expected reforms to London Metal Exchange warehouse policies from being implemented.

The court, which ruled that the LME’s consultation on proposed warehouse policy changes was "unlawful" (amm.com, March 27), means less metal than expected is leaving sheds at the same time that producers continue to scale back output, some market sources said. They pointed to Alcoa Inc., Pittsburgh, slashing output at its operations in Brazil (amm.com, March 28), where drought and resulting energy shortages were already compelling manufacturers to curtail operations.....

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