US Aluminum: Midwest Premium Steadies At Higher LevelsPosted by anzhuo on December 23rd, 2015
Another trader put the premium between 5 and 5.5 cents depending on whether the metal is for a July or August sale. He said there currently isn't a lot of spot metal in the market. "We continue to see spot [market] tightness [and] incipient growth in underlying aluminum demand," said Jorge Vazquez, aluminum analyst with Harbor Intelligence, who put the premium between 4.8 cents and 5 cents. However, because of continued economic uncertainty, "we are seeing strictly hand-to-mouth demand, which is limiting the increase in the Midwest premium," Vazquez said. On Friday, LME cash aluminum was officially quoted at ,532.00 to ,534.00 per metric ton, or about 69.49 cents to 69.58 cents per pound. Inventories of aluminum stored in LME warehouses fell 2,425 metric tons to 4,393,600 from Thursday to Friday. The total is down from 4,400,725 metric tons one week ago. More information can be viewed: aluminum alloys for sale Like it? Share it!More by this author |