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Spike in oil prices supportive for LME aluminum; Asian inventory buildups continue amid growing supply glut; Contango widens to multi-year highs


Executive Summary

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.