ING strategists Warren Patterson and Ewa Manthey highlight that Chinese unwrought Aluminium and product exports rose strongly in May to the highest level since November 2024, helped by overseas demand after Middle East disruptions. They also note that CFTC (Commodity Futures Trading Commission) data show an increase in net long Aluminium positions, driven by declines in both longs and shorts.

China exports and CFTC data

"On the export side, shipments of unwrought aluminium and products rose 15.5% YoY to 632.4kt."

"This is the highest since November 2024, as producers responded to stronger overseas demand following supply disruptions from the Middle East."

"Aluminium net longs rose by 4,874 lots to 85,964, driven by a sharper drop in both long and short positions."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)