Korea PPS Buys 3,000 Tons Aluminum; $115-$117 Premium To LME

SINGAPORE, May 19 -- South Korea's Public Procurement Service, a state agency that stockpiles strategic commodities, said Thursday that it has purchased 3,000 metric tons of Indian aluminum at premiums of $115 to $117 a metric ton to the prevailing London Metal Exchange price, which was $2,005.50/ton at the time of bidding.

PPS purchased 2,000 tons from Daewoo International at a premium of $115, or $136.21 including 1% duty.

It purchased another 1,000 tons from Hanwha Corporation at a premium of $117, or $138.23 including duty.

The metal is for delivery to Incheon by July 31 on cost-and-freight basis.

At 0555 GMT, LME three-month aluminum was trading at $2,020/ton, down $31 since Tuesday's kerb.