Spike in oil prices supportive for LME aluminum; Asian inventory buildups continue amid growing supply glut; Contango widens to multi-year highs
1. Oil’s rally supports aluminum LME prices around $... per mton.
2. LME INVENTORIES ALERT. Growing aluminum glut worsens due to plummeting demand, increased P1020 production, and wide LME contangos.
3. LME longer-term contangos widen further on ample spot metal availability, buildups, and consumer buying.
4. China’s aluminum prices fall back to four-year lows below the current support level.
More details in full report.