CME Group’s AUP Midwest aluminum premium futures curve held steady in the week to Oct. 6 on lighter volumes after the market saw large spread activity from the fourth quarter in Calendar 2021 and Calendar 2022. The spot premium dropped to 12.20 cents/lb on Oct. 2 as open offers from traders fell, with the most competitive offer at 12.25 cents/lb. Some traders, however, still see the market higher on replacement costs as the quotas on Canadian aluminum are not as bearish as many think if consumer demand was to pick up in 2021.
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