Commodity Market Report
Global aluminium short-term outlook November 2023
Report summary
November was a month of two halves for the aluminium price. The official LME cash price traded comfortably above the US$2200/t level in the first few weeks of the month before succumbing to selling pressure, with the price drawn lower towards the US$2170/t level by month end. Even news of fresh Chinese stimulus measures failed to ignite any meaningful rally in the price. Unsurprisingly, LME fund managers have been unable to take sides with the net fund position almost evenly balanced between gross longs and shorts.
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