- Rotterdam duty-paid premium at lowest since February
- US premium holds at 20-month low after end-of-week fall
- Low buying interest keeps premiums in Brazil steady
- MJP premiums unchanged on tepid trading
European premiums remain on downward trend
Premiums in Europe continued to come under pressure from the persistent backwardation in LME spreads this past week.
Fastmarkets assessed the benchmark aluminium P1020A premium, in-whs dup Rotterdam
at $75-80 per tonne on Tuesday, down from $80-90 per tonne the week before.
“Premiums are weak and the liquidity is poor. The backwardation is hitting people hard and it remains persistent,” a trader source said.
The LME December/January spread was in a $13.85-per-tonne backwardation on Tuesday, wider than the $10-per-tonne backwardation seen a week prior.
More than 200,000 tonnes of aluminium were delivered into LME warehouses in Asia over the past week, pushing LME on-warrant stocks back above 1 million tonnes.