Platts
US primary aluminum premium continues climbing as market eyes 9 cents/lb
Edited by : AL CIRCLE
1 min read
P1020 aluminum premiums have continued strengthening this week, increasing 30 points from a week ago to hit a 10-month high of 8.6 cents/lb plus LME cash, Platts data showed Wednesday.
The Platts premium rose another 10 points late Tuesday as traders and producers said they thought prices could continue climbing, to over 9 cents soon.
The market moved to 8.5 cents/lb on Monday, from 8.3 cents last week. Market participants said long warehouse queues and physical shortness in the market have caused discounting to disappear and premiums to continue increasing.
"I think this thing has legs," a trader said of the rising market. "I'm concerned that everybody is short, nobody wants to sell anything, they want top dollar. I see nothing that shows me it's going to be alleviated in the long term."
The Platts premium rose another 10 points late Tuesday as traders and producers said they thought prices could continue climbing, to over 9 cents soon.
The market moved to 8.5 cents/lb on Monday, from 8.3 cents last week. Market participants said long warehouse queues and physical shortness in the market have caused discounting to disappear and premiums to continue increasing.
"I think this thing has legs," a trader said of the rising market. "I'm concerned that everybody is short, nobody wants to sell anything, they want top dollar. I see nothing that shows me it's going to be alleviated in the long term."
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