The document discusses factors influencing global aluminum markets. It notes that price is currently supported by the cost of production, likely production cuts, and high premiums across Asia. However, price is determined by higher production, decisively weaker global demand, high global stocks, and short-term technical chart patterns showing an inability to rise above $1980-2010, which could push prices lower to $1800.

1. Global Aluminium Markets
Price Supportive Price Determinant
• Cost of Production • Higher production
• Likely production cuts • Decisively weaker
• LME stock financing demand across globe
• High Premium across • High global visible
Asia stocks
• Short term technical
chart patterns

2. LME 3M Chart – Technical
LME 3M Aluminium – Technically the current price action can be construed as a HS pattern. Inability to move above
USD 1980-2010 in the short run can the push the prices further towards USD 1800 and below.