Duty-paid Rotterdam premium ticks higher, sentiment bullish
US Midwest premium holds on steady fundamentals
Premiums flat across Asia
Brazil premiums maintained in quiet market.
Rotterdam, Italy premiums rise
A persistent wide contango on the London Metal Exchange kept sentiment among most European participants bullish in a mostly quiet market on June 11.
Fastmarkets assessed the Rotterdam duty-unpaid premium unchanged at $90-100 per tonne on Tuesday, flat week on week. Market participants continued to increase their offers, but were in no rush to sell because they can make a profit holding metal with the wide current spreads.
“We’re happy to miss sales because we’re comfortable with our own supply balance and positions. At these numbers, we can carry at a small profit. Demand is quiet,” a trader in Europe said.
The Rotterdam duty-paid premium pushed higher on Tuesday at $145-155 per tonne, up from $145-150 per tonne on June 7.
Demand in the duty-paid market, particularly...