Contango pushes Rotterdam premiums higher
- Premiums rise across Europe
- Demand revival pushes Brazilian premium higher
- Stable market conditions in United States
- China static but bullish
- South Korea premiums up, while MJP is stable
Aluminium premiums in Europe strengthened over the past week, with market participants more bullish thanks to a strong contango on the London Metal Exchange and more buying interest from consumers.
Fastmarkets assessed the aluminium P1020A premium, in-whs dp Rotterdam
at $105-120 per tonne on Tuesday, up $5 on the low end from $100-120 per tonne a week earlier.
A number of deals were concluded this week between $105 and $120 per tonne, with traders noting more requests than usual from buyers.
“Over the past couple of days there just seems to be a lot more interest from consumers again. We are seeing a few different tenders and people are happy to pay up,” one trader said.