Looming backwardations on London Metal Exchange spreads sparked a sell-off of P1020 aluminium in Europe on Thursday October 21, with participants concerned about carrying metal into 2022.
Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam at $250-270 per tonne on Thursday, down from $285-300 per tonne on Wednesday October 20. The decrease marks the assessment's lowest range since early July."People don't want to carry into the backwardation next year," a trader in Europe said. "People...