Korea PPS Buys 2,000 Tons Western Aluminum; $103/Ton Premium To LME

SINGAPORE, June 4 -- South Korea's Public Procurement Service, a state agency that stockpiles strategic commodities, said Friday that it has purchased 2,000 metric tons of western brand aluminum and 1,000 tons of non-western brand aluminum, both at premiums of $103 a metric ton to the prevailing London Metal Exchange price.

The tenders attracted more interest than the last PPS aluminum tender on May 19, and the premiums were 10% to 12% lower, indicating the aluminum market in Asia is less tight.

PPS purchased the western aluminum from Dong Hyun Metals at $123.57 including 1% duty. There were five other bidders.

It also purchased the non-western brand aluminum from Dong Hyun Metals at $123.57 including the 1% duty. There were three other bidders.

At 0825 GMT, LME three-month aluminum was trading at $1,978/ton, up $23 since Thursday's kerb.