American Metal Market’s assessment of the P1020 premium remained at 22-22.5 cents per lb on May 11, unchanged from the previous assessment on Tuesday May 8.
Uncertainty in the market is keeping traders from aggressively marketing their books, with concerns over unit replacement costs still weighing on traders’ minds.
The London Metal Exchange's three-month aluminium contract closed the official session May 11 at $2,275 per tonne, off slightly from $2,307 per tonne on May 4.
“I think people are just being extra cautious with their sales. I’m not saying there’s no inventory in the US. [Traders] have to think of the costs of replacing those units,”...