WEEKLY BASE METALS PREMIUM WRAP 13/09: Al, nickel premiums higher on strong contangoes and copper, zinc deliveries into LME system

Base metals spot demand and premiums were either flat or trending higher this week while forward spreads widened and inventories increased significantly on the London Metal Exchange.

In aluminium, premiums rose around the world, supported by optimism and strong contangoes in some regions. Major Japanese port (MJP) rates are being propelled higher by fourth-quarter benchmark numbers. Nickel premiums were also higher in Europe and remained at strong levels in China due to tightening supply. The cash/three-month spread is now at $87.50 per tonne contango. Copper premiums were flat in Europe, reflecting huge inflows into LME-listed warehouses in Rotterdam and expectations of more to come. More than 32,000 tonnes have been delivered in over the past two days. Copper premiums...

Published

Metal Bulletin Editorial

AMM

September 13, 2017

16:40 GMT

London, Shanghai, Singapore, New York, Sao Paulo