Aluminium premium hits record in US on tariffs, global squeeze [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
President Donald Trump doubled tariffs on aluminium imports to 50% ?on June 4 with the aim of supporting investment in U.S. production of the metal, which is used in ?construction as well as power and packaging. Buyers on the U.S. physical market typically pay the benchmark price on the London Metal Exchange plus a premium that covers costs such as freight and taxes. The duty-paid Midwest premium has surged since June, hitting a record 88.10 cents a lb or $1,942 a ?metric ton on Friday. Added to ?the aluminium price of $2,850 a ton, a U.S. buyer in the spot market would pay $4,792 a ton. At $2,850 a ton,? the duty on U.S. aluminium imports would be $1,425, up from around $560 a ton at the start of the year. Consultancy Harbor Aluminum said the surge was also due to falling aluminium stocks in the ?U.S. and a "strong conviction" that the tariffs would be permanent, without ?any exemptions for Canada after Trump called off trade negotiations with its neighbour in October. U.S
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