Elsewhere, the US aluminium market softened this past week amid concerns of growing supply, while the Brazil market was static amid a pause in trading activity during the country’s annual Carnival festivities on March 1-6.
Sustained contangoes boost Rotterdam premiums
MJP spot premium supported by elevated quarterly offers
Oversupply concerns pressure US premium
Brazilian market flat amid holiday
Aluminium premiums in the Dutch port of Rotterdam edged higher this past week, with support coming from sustained contangoes in LME forward price spreads.
Fastmarkets assessed the Rotterdam duty-unpaid P1020A in-warehouse premium at $82-92 per tonne on March 5, up by $2-7 per tonne from $80-85 per tonne a week prior.
A wide contango in the LME’s cash/three-month aluminium spread continued to spur demand from traders looking to carry metal. The spread had been in a $24.75-per-tonne contango at the close of trading on March 5.
The spread highlighted an expected increase in aluminium...