Investment funds remain heavily net long in the LME aluminium contract, signalling sustained bullish sentiment in the market. MINING.COM+1

Summary:

The speculative inflows speak to a change of narrative in the aluminum market.

With production in China, the world’s largest producer, now running up against the government’s capacity cap, there is growing concern that the market may be heading towards a structural supply deficit for the first time in decades.

That may seem a strange statement, given a single-day 102,275-ton booster to LME inventory last week but, as is often the case with the aluminum market, LME stock movements can be very deceptive.

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