GLOBAL ALUMINIUM WRAP: Recovering demand, contango help fuel Europe, Asia uptrend

Aluminium premiums in Europe and Asia rose on Tuesday September 1 due to improving fundamentals and a consistently wide contango on the London Metal Exchange, while the premium in the United States fell ahead of a national holiday next week.

Stronger demand and a wide contango help to boost premiums in EuropeHigher fourth-quarter premiums and domestic demand support increases in Asia  US premium declines ahead of Labor Day holidayEuropean P1020 uptrend continues 
Aluminium premiums in Europe continued to increase on Tuesday, with stronger fundamentals in the market and a consistently wide contango driving rising premiums throughout the market. 
Fastmarkets assessed the aluminium P1020A premium, in-whs dp Rotterdam at $125-130 per tonne on Tuesday, narrowing upward by $5 from $120-130 per tonne a week earlier. The increase brings the premium to its highest level since March 27. 
"There's upside pressure; we couldn't buy below $130," one trader in Europe said. 

The upward trend is primarily being driven by increased demand due to returning industrial activity in Europe, while a $36-per-tonne contango on the LME's cash/three-month spread is giving little reason...

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