Strong demand and tight supply supported aluminium premiums at recent multi-year highs across the globe on Tuesday June 8, although levels for those in South Korea were unchanged for two months.
End-user interest and insufficient supply offset London Metal Exchange backwardation in Rotterdam Japanese premium holds at two-year high on fresh deals South Korea stable for eight weeks amid little market liquidity United States Midwest premium still at record high despite lower activity European premiums shrug off backwardation, continue upward trend"Scrap and ingot go into can sheet, and since scrap is difficult to buy, mills are buying ingot like crazy. This is real fundamental demand, as they need it to melt...