Despite the overall weakness of the equity markets last week, base metals including aluminum edged higher. A major factor was the strong euro which held the American dollar down resulting in increased buying interest from investors. Under these circumstances, the primary aluminum price broke through the psychological limit of USD 2.600 per tonne at the LME scoring a new 2.5 year high at USD 2,619 per tonne.
More specifically, the light metal ended at USD 2,560 per tonne moving up to USD 2,613 per tonne on Tuesday's session. Wednesday saw the primary aluminum price retreating to USD 2,585 per tonne while on Thursday gained ground to USD 2,614 per tonne. The light metal moved further up on Friday to USD 2,619 per tonne.
Premiums for physical aluminum in Europe stayed just below record highs this week as supplies were tightly held but they failed to breach peaks as high oil prices hurt prospects for global growth and demand was subdued. Premiums for duty aid metal in Rotterdam were at USD 190 per tonne to USD 210 per tonne over LME cash prices, traders said, little changed from quotes of USD 190 per tonne to USD 205 per tonne last week.
(Sourced from www.alunet.net)
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