The following is the Standard Bank June 5 metal review:
Aluminium - aluminum prices closed at 2,581 US dollars, down 66 dollars from the previous day's close. An increase of 1,650 tons of LME aluminum inventories added pressure on this less robust market. After the sharp fluctuations in the first two months, the recent trend is relatively flat. It is expected that the market volatility will increase again at the end of this month, which is the end of the first half of the year. Asian aluminum spot premiums arriving at warehouses in Singapore remained at around US$10-15/tonne, which did not increase due to the high stock level of the exchanges. It is because of the higher inventory levels and capacity expansion and the increase in new capacity projects that we are cautious about the aluminum futures.