GLOBAL ALUMINIUM WRAP: Widening LME contango supports global premiums; Europe, US premiums at 4-month high

Global aluminium premiums were supported amid continued LME spreads in contango with premiums in Rotterdam and the United States hitting a four-month high during the week to Tuesday August 5, while improved demand also strengthened the main Japanese ports (MJP) premium level.

Rotterdam premiums rise to four-month highs; premiums in other European regions also increaseUS Midwest premium touches four-month high; demand recovers graduallyMJP increases on improved market sentimentSouth Korea premiums unchanged amid slow tradePremiums in Rotterdam at four-month highs
Aluminium premiums in Europe moved higher week on week on support from the wide contango in LME spreads, sources said.
Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam at $90-95 per tonne on Tuesday August 4, up from $85-90 per tonne the previous week - the premium is now at its highest since April 3.
"The spreads are the main driving factor at the moment. Sellers are happy to hold on to their material and there is no reason to sell low," a trader said.

The benchmark LME cash/three-month spread was most recently at $38.50 per tonne, wide enough for market participants to cash and carry material and make...

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