South Korean Agency Buys 4,000 Tons of Aluminum in Tender
South Korea, Asia’s third-biggest buyer of base metals, bought 4,000 metric tons of aluminum in a tender at the same premium as paid in the last tender in May, according to a state agency.
The Public Procurement Service, the state-run body that manages strategic commodities, bought the so-called Western origin metal at $102 a ton over the London Metal Exchange official cash-settlement price from Daewoo International Corp. (047050), according to a notice on the agency’s website today. The high- grade, primary aluminum is due for shipment by Sept. 30.
Aluminum for three-month delivery was little changed at $2,533 per ton on the LME at 4:25 p.m. in Seoul. The light- weight metal, used in automobiles, cans and window frames, has advanced 2.6 percent this year.
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