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.
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.
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.