The US premiums for P1020A and 6063 trended sideways on Monday as the market braced for a change in direction a day before the US presidential election.
The Davis Index for P1020A was flat at 12.3¢/lb delivered US consumer under the three-month LME Aluminium contract on Monday. The index for 6063-billet premium was at 7.7¢/lb above the P1020A premium, higher by 0.2¢/lb.
Market participants expect a quiet week, but some fear a long process of deciding an election winner could affect market dynamics. Both the presidential candidates have commented about not giving any leeway in a close race, unless all votes are counted, leaving the waiting period for any decisions on direction to drag on longer than anyone hopes.
The three-month LME Aluminium contract closed at $1,839.50/mt on Monday, up $2/mt from its close at $1,837.50/mt on Oct 26.