European premiums unchanged due to weak demand
MJP spot premium steady
Brazilian market still bearish
US Midwest premium static after July 4 holiday
Low liquidity keeps European premium unchanged
Aluminium premiums throughout Europe were steady this week due to low liquidity and lack of strong demand.
Fastmarkets assessed the benchmark aluminium P1020A premium, in-whs dup Rotterdam at $90-100 per tonne on Tuesday, unchanged since May 31.
“The market is very quiet and it is quite depressing. We are continuing to offer just above the range but there is little interest from buyers,” a trader said.
Despite the lack of demand, a contango in the London Metal Exchange cash/three-month spread continued to support the premium at existing levels.
But the spread has narrowed considerably over the past week, causing some nervousness in the market. The cash/three-month spread was at $16.50 per tonne contango on July 9, compared with $26.25 per tonne...