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By   06 Mar 2012  Last updated at  05:32:41 GMT
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.

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.

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