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

Platinum Scrap Price Charts

14ct Gold Scrap Price Charts

22ct Gold Scrap Price Charts

RELATED NEWS

Grave robbers steal Frankston cemetery plaques 'to sell for scrap metal'

May 22nd 2015 03:26 PM
Grave robbers steal Frankston cemetery plaques 'to sell for scrap metal'
Dozens of plaques have been stripped from graves in Melbourne's south-east

Scrap metal theft in Salina totals more than $22,000

May 22nd 2015 03:24 PM
Scrap metal theft in Salina totals more than $22,000
More than $22,000 in scrap metal was stolen in Salina, according to Crimestoppers

China Henan Discovers Rare Earth for the First Time

May 22nd 2015 03:13 AM
China Henan Discovers Rare Earth for the First Time
Henan's geological bureau has discovered over 100,000 tonnes of rare earth in Taiping Town

China Jiangxi Cracks Down on Illegal Rare Earth Smelting, Sales

May 22nd 2015 03:02 AM
China Jiangxi Cracks Down on Illegal Rare Earth Smelting, Sales
China's Ministry of Industry & Information Technology (MIIT) cracked down
Scrap Item Price Unit
6063 Extrusions 0.777 $US / Lb
Zorba 90% NF 0.61 $US / Lb
6061 Extrusions 0.70 $US / Lb
Old Sheet 0.54 $US / Lb
Al/Cu Radiators 1.31 $US / Lb
Old Cast 0.54 $US / Lb
Next Story