The decision by the United States Treasury to extend the deadline for US companies to wind down their contracts with Russian producer Rusal has had little effect on global aluminium premiums over the week ended Tuesday November 13, with the market still watching the backwardated December-January spreads.
Rotterdam premiums unchanged; market focused on first-quarter deals MJP dips on backwardation pressure US traders avoid spot purchasing 2019 demand expectations pick up in Brazil.European premiums flat; Q1 liquidity picking upAluminium premiums in Europe were unchanged over the week but there was increased liquidity in deals for the first quarter of 2019, following the latest extension to the Rusal winding-down deadline.The benchmark Rotterdam duty-unpaid premium was $70-75 per tonne on November 13, unchanged since October 30.Spot business in the duty-unpaid market has been thin in recent weeks. Some participants noted an increase in the amount of cheap Russian material being offered, with some deals concluded in the low $60s per tonne range."There is some Russian [material] going [for] lower [prices], but mostly people can't take that. Now, we see things peaking a bit higher, and there are more offers at the $80 per tonne level," a trader said.European premiums...