South Korea’s Public Procurement Service, a state-run body that manages strategic commodities, purchased 3,000 metric tons of high-grade primary aluminum ingots of Indian origin in a tender, according to notices posted on its website.
Of the total, the agency purchased 2,000 tons from LG International Corp. (001120) at a premium of $121 per ton added to the London Metal Exchange cash-settlement price, the notices showed today. It bought the remaining 1,000 tons from Daewoo International Corp. (047050) for a premium of $116 per ton over the same benchmark price.
Aluminum for delivery in three months on the London Metal Exchange increased 0.7 percent to $2,176 a ton at 4:42 p.m. Seoul time, bringing this year’s gain to 7.7 percent.
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