Alcoa has a few things to say about the LME changes…
“Global aluminum premiums have fallen due to ‘confusion’ over the London Metal Exchange’s proposal announced on July 1 to overhaul its warehousing policy, Alcoa Inc Chief Financial Officer and Executive Vice President William Oplinger said on Tuesday,” (Reuters).
“Premiums paid on top of the LME benchmark price have dropped 17 percent in Europe, 4 percent in Japan and 11 percent in the United States in just three months, he said.”
On Tuesday, October 8, the Indian aluminum cash price experienced the biggest change, rising 3.1 percent. On the LME, the aluminum 3-month price increased 0.3 percent to $1,837 per metric ton. The cash price of primary aluminum steadied at $1,791 per metric ton following two-days of increases on the LME.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap held steady. For the fifth consecutive day, the price of Chinese aluminum billet held flat. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row. The Chinese aluminum cash price remained essentially flat.