GLOBAL ALUMINIUM WRAP: Rotterdam premiums move higher; MJP spot market quiet ahead of Q3 negotiations

Wide contangoes in London Metal Exchange spreads continued to support aluminium premiums worldwide in the week ended Tuesday May 28, but premiums in Brazil bucked the trend.

Premiums in Rotterdam climb Ending of Section 232 tariffs in Canada and Mexico has little effect on US Midwest premium MJP static ahead of Q3 negotiations Brazilian premiums dip Rotterdam premiums supported by wide contango Aluminium premiums in the Dutch port of Rotterdam edged higher this week, with sustained wide contangos on the LME continuing to be the main driver. The benchmark Rotterdam P1020 duty-unpaid premium was at $90-95 per tonne on Tuesday, narrowing upward by $5 per tonne from $85-95 per tonne a week ago. Multiple deals over the past week were concluded in a range of $90-95 per tonne. Market participants noted that securing tonnages below $90 per tonne is now difficult to achieve. “The majority of business is being done at $90 and above this week. People are still trying to buy at lower levels but no-one wants to sell there,” a trader source said. Some...

Published

Chris Kavanagh

Alice Mason

Karen Ng

Hui Li

Renato Rostás

May 29, 2019

05:55 GMT

London; Shanghai, Singapore, Sao Paulo, New York