花旗：基本金属分析师-铝升水 -确定公允价值；对冲欧洲升水上涨风险

Aluminium Premiums: Determining Fair Value; Hedge European Premium Upside We have developed an anchor and spread methodology to determine fair value for aluminium premiums, the price paid over the LME price to take physical delivery of metal. The anchor is set by identifying the premium that the buyer of last resort – an LME warehouse in Asia – will pay. We then build up the spread between this premium and the delivered aluminium premiums in the US and Europe. By our estimates premiums are trading close to ...