Aluminum market fundamentals are improving, thus pushing prices higher. Aluminum moved to a 3.5-year high on the commodity exchanges in mid-October. Rising Chinese consumption helped on the physical side and speculative buying put momentum under the commodity exchange side. Industry observers, however, suggest that worldwide inventories of prime metal will need to be reduce before prices move much higher. Continued industrial growth in the U.S., Asia and Europe could eat into the large stockpiles in the coming months, making for a potentially heated market in the middle of 2004.
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