(MB) Aluminium premiums in Europe ticked higher in the week ended Tuesday March 5, finding support from sustained contangoes in London Metal Exchange forward price spreads. The spot premium in Japan was similarly up on a weekly basis with the first premium offers for aluminium supply to the country in the second quarter coming in well above first-quarter levels.
Elsewhere, the US aluminium market softened this past week amid concerns of growing supply, while the Brazil market was static amid a pause in trading activity during the country’s annual Carnival festivities on March 1-6.
Sustained contangoes boost Rotterdam premiums MJP spot premium supported by elevated quarterly offers Oversupply concerns pressure US premium Brazilian market flat amid holiday Aluminium premiums in the Dutch port of Rotterdam edged higher this past week, with support coming from sustained contangoes in LME forward price spreads. Fastmarkets assessed the Rotterdam duty-unpaid P1020A in-warehouse premium at $82-92 per tonne on March 5, up by $2-7 per tonne from $80-85 per tonne a week prior. A wide contango in the LME’s cash/three-month aluminium spread continued to spur demand from traders looking to carry metal. The spread had been in a $24.75-per-tonne contango at the close of trading on March 5.
