GLOBAL ALUMINIUM WRAP: US, European premiums continue to set records

Aluminium premiums in the United States and Europe climbed further on Tuesday August 3 on tight supply in those regions, while premiums in Asia remained flat on muted demand.

US Midwest premium jumps to fresh all-time highPremiums in Europe tick up on supply tightnessMain Japanese ports (MJP), South Korea premiums steady on thin liquidityUS Midwest premium shoots up by almost 10%
Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 34-35 cents per lb on Tuesday, up by 9.52% from 31-32 cents per lb on July 27.
Spot activity remains limited, but market participants did not believe that deals were achievable below the new assessment range. Some traders have offered material at premiums a few cents higher than the assessment range, but none have reported spot business done at those levels yet. Still, many expect the premium to soon hit 40 cents per lb.

Sentiment continues to be bullish, especially in light of the output cut at Rio Tinto's Kitimat smelter and the Russian export duties that came into effect this week.
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