PHYSICALS - South Korea's PPS buys 2,000t of aluminium $101-104/t premiums

Vicky Chenvicky.chen@fastmarkets.comPhysicals Reporter+44 (0) 20 7337 2141

London 24/05/2016 - South Korea has bought 2,000 tonnes of aluminium ingots at premiums of $101-104 per tonne over London Metal Exchange (LME) cash prices, the country's Public Procurement Service (PPS) said on Tuesday.

PPS, which manages the country's strategic stockpile of commodities, purchased Australian brands with a minimum purity of 99.7 percent at $104 per tonne free of tax on a cost, insurance and freight (CIF) basis for delivery to the port of Incheon. The tender was awarded to Metal Park, which is affiliated with Trafigura.

PPS also bought 1,000 tonnes of Indian-origin ingots (no tax) with a minimum purity of 99.7 percent at premiums of $101 per tonne CIF Incheon. DongHyun Trading, an agent of Gerald, won the tender.

PPS previously bought aluminium via a tender from Glencore in February at premiums of $114.40 for 700 tonnes.

(Edited by Mark Shaw)

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