GLOBAL ALUMINIUM WRAP: Tight supply in Asia, wide LME contangoes support Rotterdam, MJP premiums

Global aluminium markets took divergent paths in the week ended Tuesday April 2, with premiums in the Dutch port of Rotterdam and Asia edging upward after gaining support from wide contangoes in London Metal Exchange aluminium price spreads and tightening spot supply of refined metal in Asia.

Premiums were largely weaker elsewhere, with those in the United States dropping to an 11-week low.

Rotterdam duty-unpaid premium hits June 2018 high amid wide LME contangoes MJP, South Korean premiums boosted by tightening supply US Midwest premium edges down to 11-week low Brazilian market under pressure from slow spot demand Rotterdam premiums up on consistent LME contangoes, stronger Asian market In Europe, aluminium premiums in Rotterdam rose this week on the back of stable and wide contangoes in LME price spreads, while at the same time, higher premiums in Asia were said to be drawing metal away from Europe. Fastmarkets assessed the benchmark Rotterdam duty-unpaid P1020 in-warehouse premium at $87-97 per tonne April 2, up by $2 per tonne from $85-95 per tonne in prior week and the highest since June 2018. Multiple deals were reported on April 1 at premiums of $90-100 per tonne, which moved the assessment range higher. But...

Published

Justin Yang

Karen Ng

Michael Roh

Hui Li

Renato Rostás

April 03, 2019

09:55 GMT

Shanghai, London, Singapore, Sao Paulo, New York