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0602 GMT [Dow Jones] Aluminum premiums in Singapore have softened slightly
from $85/ton to $75/ton in past week, says Singapore based physical trader.
"It's still a ridiculously tight market given there are over half a million
tons of LME inventory (in Singapore)," he says. Tips aluminum price to be
supported in 3Q as auto industry demand recovers. "The metal available for
consumers will still be restricted in the third quarter (due to warehouse
financing deals)," he says. Overnight data showed European new-car
registrations last month fell 4.9% from a year earlier, an improvement on
April's 11.9% decline, which could be interpreted to indicate sales may be
bottoming out. LME 3-month aluminum at $1,608/ton, down $1, well off
$1,584/ton intraday low as metals track bounce in EUR/USD. Volume moderate
with 653 lots done so far. (JAC)
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(END) Dow Jones Newswires
June 17, 2009 02:02 ET (06:02 GMT)
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