ALUMINIUM UPDATE: The external environment for aluminium prices remains complex, with conflicting signals evident at each of the macro and sector specific levels. We have seen slowing growth in many markets, and this condition is manifested in declining product premiums. However, inventory levels remain relatively low and the global balance of supply and demand is, at this time, consistent with a healthy market. Of course the broader environment remains exposed, on the upside as well as the downside, to developments on several key geopolitical issues.
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