U.S. aluminium prices slip on talk of tariff exemptions for #UAE, Bahrain | Reuters

U.S. aluminium prices slip on talk of tariff exemptions for UAE, Bahrain | Reuters:

Prices of aluminium for U.S. consumers in the transport, construction and packaging industries are sliding because the market is expecting exemptions for producers in the United Arab Emirates and Bahrain.

This thinking follows agreements by the two Arab states to establish formal ties with Israel, which they signed at a ceremony hosted by U.S. President Donald Trump at the White House in September.

U.S. aluminium prices are based on the physical premium AUPc1 now at $263 a tonne from $335 mid-September, plus the benchmark price CMAL3 on the London Metal Exchange at $1,750.

Jorge Vasquez, founder of consultancy Harbor Aluminum, said the UAE exported about 550,000 tonnes of value added primary aluminium to the United States last year and Bahrain exported 150,000 tonnes to the United States.