Premiums in Rotterdam at four-month highs
- Rotterdam premiums rise to four-month highs; premiums in other European regions also increase
- US Midwest premium touches four-month high; demand recovers gradually
- MJP increases on improved market sentiment
- South Korea premiums unchanged amid slow trade
Aluminium premiums in Europe moved higher week on week on support from the wide contango in LME spreads, sources said.
Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam
at $90-95 per tonne on Tuesday August 4, up from $85-90 per tonne the previous week - the premium is now at its highest since April 3.
“The spreads are the main driving factor at the moment. Sellers are happy to hold on to their material and there is no reason to sell low,” a trader said.
The benchmark LME cash/three-month spread was most recently at $38.50 per tonne, wide enough for market participants to cash and carry material and make...