[美国金属]

　　DJ US Aluminum: Midwest Premium Kept In Check By Backwardation

　　 The U.S. Midwest prompt aluminum premium over London Metal Exchange cash

　　prices is being held back by backwardation, traders said.

　　 The premium mainly has been around 3.5 to 4 cents a pound in recent days,

　　according to one trader. However, another pointed out, there can be a big

　　variation in premiums, depending on the delivery date.

　　 A trader suggested the bulk of the activity has been closer to the lower end

　　of the current range - around 3.5 cents.

　　 "The market has been mostly focusing on this backwardation that has been

　　going on, taking a little bit of the focus away from the physical market," said

　　the trader.

　　 Backwardation tends to push the premium lower, the trader explained.

　　 "People don't want to carry metal. If they're carrying anything, they want to

　　sell it so they can offset their hedge."

　　 Another trader also described backwardation as the main feature, explaining

　　that traders don't want to finance metal, thus are trying to get rid of

　　inventory.

　　 "Where the premium is today is anybody's guess," he said. "I've heard of so

　　little consumer business this week."

　　 When selling forward to perhaps March, it may be possible to get a premium of

　　3.75 cents, he said. But it would be less for January business, he continued.

　　 LME cash aluminum was officially quoted at $2,779 to $2,780 per metric ton

　　Wednesday, or about $1.2603 to $1.2608 per pound.

　　 Inventories of aluminum stored in LME warehouses rose 12,625 metric tons to

　　714,025 from Tuesday to Wednesday. The total is up from 694,475 on Friday.