It’s interesting to note the aluminium pricing trajectory against inventories.
Not that these things are all that decent at helping explain what’s going on with the underlying commodities, as per iron ore (where the price looks wildly overvalued to us!).
It is, however, interesting to look at aluminium, and alumina, in the context of AWC, the producer, noting that it has dramatically under-indexed the commodity, the end product, as China (appears!) to stimulate, and as inventories appear low, despite being well positioned on the cost curve.
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