Alumina Atlantic differential flips to small premium; Pacific oversupply continues

Alumina cargoes in Brazil were trading at a slight premium to Australian material on Thursday February 25 due a muddled supply picture, but opinions on the market's direction remained mixed.

Fastmarkets' alumina index adjustment to fob Australia index, Brazil, was at a premium of $0.90 per dry metric tonne compared with Australian units on Thursday, against a $4.51 per dmt discount on January 14.
This was the first time that Brazilian material had traded at a premium since September 2020.
There was still a shortage of units in the Atlantic region, market participants said, and this has narrowed the differential significantly over the past month.
"The positions have changed in the Atlantic," a trader said. "People who were long there have shifted units. There isn't much material around on a spot basis, and that is why we're seeing a slight premium."

In normal supply-and-demand conditions, the Brazilian market trades at a discount to Australia, but with an oversupply of cargoes in...

Platinum to palladium ratio low, platinum to gold high, versus history

Gold stocks up on metal and equities gains

Most major metals rebound on potential global monetary easing

Gold stocks rebound substantially

Bullish bankers and bearish institutions split on gold forecasts