CME Group Inc. futures trading started for aluminum that can be loaded from U.S. warehouses, a move supported by companies including MillerCoors LLC amid delays at depots linked to the London Metal Exchange.
Aluminum exports from China, the world’s largest producer and user, rose to the highest level last month in more than two years as traders shipped the metal overseas for higher returns amid a record premium.
Aluminum-delivery bottlenecks at warehouses that raised buyer costs and dragged the world’s biggest metals exchange into 26 U.S. lawsuits will last longer, after a plan to ease delays April 1 was tossed out by a judge.
United Co. Rusal, the largest aluminum producer, said new rules on warehousing threaten to worsen a supply shortfall, helping drive up the premiums buyers pay for swift delivery to 50 percent of the market price.
The premium buyers pay for aluminum in the U.S. surged 11 percent in the past week as demand for financing transactions limited the availability of the metal used in everything from beverage cans to aircraft.
Goldman Sachs Group Inc., the owner of the one of the biggest U.S. aluminum-warehouse networks, and the London Metal Exchange say commodity prices fell in recent years, countering claims of rising costs by beverage companies.
The rates to obtain aluminum tumbled the most in 20 months in Europe last month and retreated from a record in the U.S. as lawmakers and regulators scrutinize long lines for metal that buyers say raised their overheads.