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

14ct Gold Scrap Price Charts

18ct Gold Scrap Price Charts

Platinum Scrap Price Charts

RELATED NEWS

US H1 scrap average prices held steady for sixth straight week

July 25th 2014 08:08 AM
US H1 scrap average prices held steady for sixth straight week
The US H1 scrap price average prices were at $357.50 per long ton, as on 21st July, 2014

H2 scrap average prices in Japan drop further

July 25th 2014 03:58 AM
H2 scrap average prices in Japan drop further
The average price of Japanese H2 scrap continued to drop during the third week of July

Brazil's scrap exports surged 85% over previous year in June '14

July 25th 2014 03:22 AM
Brazil's scrap exports surged 85% over previous year in June '14
The latest statistics indicate that Brazil's scrap exports have recorded strong growth year-on-year during the month of June

Scrap Monster Inc. launches new Physical Scrap Exchange SCRAPEX.com

July 24th 2014 02:42 PM
Scrap Monster Inc. launches new Physical Scrap Exchange SCRAPEX.com
Scrap Monster Inc. has been operating ScrapMonster.com for the past 5 years and with a growing membership and audience requesting…
blog comments powered by Disqus
Next Story