US aluminum premium futures hold on contangos despite weak downstream auto demand

摘要

CME Group’s AUP Midwest aluminum premium forward curve held June 15 the recent market bid from last week, with spreads showing some near-term weakness and uncertainties on selling into front-month rallies. Some weakness has still been seen in rolling mills tied to automotive as some canceled tonnage for May and pushed tons into June, while others have been taking contract minimums in response to shutdowns caused by coronavirus pandemic. Other consumers on the can sheet and wire side have seen strong demand.