Scrapex Banner
Author: 06 Mar 2012 Last updated at 05:32:41 GMT

Non traditional demand helps push up aluminum prices so far this year

LONDON (Scrap Monster): Non-traditional demand has added to the stronger tone so far this year in aluminum, which as of the end of last week was up 15% since the end of 2011, said Harbor Intelligence in a research note. 

According to Harbour, broad-based positive macroeconomic data out from the U.S., monetary easing from China and authorization of the release of the second bailout tranche for Greece have reduced fear in the U.S., China and Europe to levels associated with sustainable demand and price increases. Physical demand is picking up around the world and funds are starting to establish long positions in the metal.

“Non-traditional physical demand, which are financing deals (seen in canceled warrants), continue to lock up metal from traditional physical demand and extend queues in Vlissingen and Detroit to unprecedented levels,” Harbor continued.

“As a result, on-warrant LME inventories (metal not earmarked to leave the warehouse) continue to reach fresh multi-year lows in every region of the Western world. In fact, premiums in the U.S. and Europe are up,” Harbor added.

Aluminum on the London Metal Exchange Friday got as high as $2,361.50 a metric ton, its strongest level since Sept. 19.

METAL PRICE CHARTS

GET PRICE CHARTS

22ct Gold Scrap Price Charts

18ct Gold Scrap Price Charts

Silver Scrap Price Charts

RELATED NEWS

Market Interpretation of Major Chinese Economic Results on Metals Market, SMM Interviews

October 22nd 2014 05:44 AM
Market Interpretation of Major Chinese Economic Results on Metals Market, SMM Interviews
China's National Bureau of Statistics released the results of major economic data today

H2 scrap base prices drop further in Tokyo Bay region

October 20th 2014 07:15 AM
H2 scrap base prices drop further in Tokyo Bay region
The base price of Japanese H2 scrap has declined in the Tokyo Bay region

India's scrap imports see marginal rise in July '14

October 20th 2014 03:08 AM
India's scrap imports see marginal rise in July '14
The scrap imports by India during the month of July this year increased marginally when compared with the previous month

Tokyo steel cuts H2 scrap buying prices second time in three days

October 17th 2014 01:39 AM
Tokyo steel cuts H2 scrap buying prices second time in three days
The country's top producer of H-beams- Tokyo Steel has announced further cut of ¥ 1,000/ton in scrap purchasing prices
Next Story