Korea PPS Buys Aluminum, Nickel, Zinc In Tenders

SINGAPORE, Aug 17, 2011 (Dow Jones) -- South Korea's Public Procurement Service, a state commodities stockpiling agency, said Wednesday that it has bought two lots of aluminum totaling 2,000 metric tons as well as smaller lots of zinc and nickel.

In one tender, the PPS purchased 1,500 tons of Western-origin aluminum on a cost, insurance and freight basis at a premium of $104/ton over the London Metal Exchange price from LG Corp.(003550.SE).

In a second tender, the agency bought 500 tons of Western-origin aluminum from Daewoo International Corp. (047050.SE), also CIF, at a premium of $118/ton. Three-month aluminum opened at $2,370/ton on the LME Wednesday.

The agency also said it had bought 1,500 tons of special high grade zinc at a premium of $138/ton from Young Poong Corp. (000670.SE) and 200 tons of nickel from Glencore International (GLEN.LN) at a $1,020/ton premium. Three-month zinc opened at $2,167.25/ton Wednesday and three-month nickel opened at $21,600/ton.