Aluminium HG Cash (P3Y00) is up +15.93% on the week, as aluminium LME inventories at the end of May are at 1,120,050 t. Although this is well above record-low levels reached in August 2022 of 294,550 t., it still remains low in historical levels. The most recent high was 5,484,375 t in January 2014.
Prices tend to move inverse to inventories, and this is what we have seen most of the last year. However, this is not the case for May, where both were rising.
