The Aluminum Association updates on aluminum market

Activity in the aluminum market is similar to nearly a month ago: prices and premiums rallied, the contango narrowed, and China looks more oversupplied with ingot. The LME cash price closed last week at $2,017/mt. It’s up over 20% from in early February which was a four-and-a-half-year low. Meanwhile, premiums worldwide pressed higher. The U.S. midwest premium ticked up to $446/mt (20.25¢/lb) late last week. It is up an even 2¢ from its low point in early spring and just shy of its all-time high reached in January. Premiums in other regions around the world are at record levels.

The Aluminum Association, in cooperation with the Aluminum Association of Canada, reported primary aluminum production in North America (U.S. and Canada) was at an annual rate of 4,519,242 tonnes during July 2014, up 3,048 tpy (0.1%) from the previous month's rate of 4,516,194 tonnes. Compared to a year ago, the annual rate of production was 9.1 percent below the July 2013 rate of 4,971,594 tonnes. Through July 2014, actual production totaled 2,686,090 tonnes, 8.0 percent below the 2013 total of 2,919,671 tonnes.

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