Regional premiums in nonferrous metals markets
研究发现LME现货价格未包含区域溢价，该溢价在供应充足时反映仓储中介成本，在需求紧张时体现消费者紧迫性，并利用马尔可夫转换模型分析铝和锌溢价的区域与时间变化。
Abstract Peculiarities of the LME contract structure give the impression that exchange spot prices measure transaction prices paid by consumers and received by producers. This impression can be misleading. Transaction prices also include a regional premium that can account for a substantial component of the full price. In well‐supplied markets, premiums measure the cost of intermediating exchange warehouses and consumers. In periods of tight demand they reflect the urgency of consumer requirements. I use a Markov‐switching model to analyze the regional and temporal variation in aluminum and zinc premiums.