Aluminum physical delivery premiums finally started to fall this week. MetalMiner’s Stuart Burns wrote that speculation is ongoing as to what is behind greater availability but most attribute it to a combination of slow demand in Europe, rising exports from China and traders/funds being unable to roll material over in financing deals due to the flat forward curve on the London Metal Exchange.
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The aluminum 3-month price closed last week at $1,801 per metric ton, after a 1.0% drop on the LME. Following a 0.8% drop on the LME, the primary aluminum cash price finished the week at $1,784 per metric ton.
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