LME Aluminum Price Down, MW Spot Premium Up; CME Futures Contract Adds Another Warehouse

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The CME Group has approved the application of Dearborn Distribution Services in Dearborn, Mich., for storage of aluminum deliverable against the CME’s aluminum futures contract.

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The approved cumulative indoor and outdoor capacity at this facility is 50,000 metric tons.

Meanwhile, in Premium News

Harbor Intelligence reported its Midwest premium rose “to 18.75-19.00 cent/lb, up from 17.85-18.40 cent/lb,” in recently confirmed transactions between consumers and suppliers of 1,400 tons of P1020 product – this represents a five-month high for their MW spot premium.

Following two days of increases on the LME, the aluminum 3-month price dropped by 2.1 percent to end at $1,910 per metric ton on Friday, July 11. After improving for two days, the cash price of primary aluminum declined 2.0 percent on the LME to $1,885 per metric ton. The Indian aluminum cash price rose 0.3 percent to INR 116.95 ($1.94) per kilogram.

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Chinese aluminum prices closed flat for the day. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,250 ($1,975) per metric ton. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,191) per metric ton. The price of Chinese aluminum bar saw little movement at CNY 14,200 ($2,289) per metric ton. The Chinese aluminum cash price remained essentially flat at CNY 13,410 ($2,162) per metric ton.

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