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Key Moments
Chinese exports of unwrought aluminum and products reached 632.4kt in May, up 15.5% year-on-year.
Export volumes hit their highest level since November 2024, supported by stronger overseas demand after Middle East supply disruptions.
Net long aluminum positions rose by 4,874 lots to 85,964, reflecting a decline in both long and short positions, according to CFTC data.
Export Dynamics and Overseas Demand
ING strategists Warren Patterson and Ewa Manthey report that Chinese shipments of unwrought aluminum and aluminum products strengthened in May. They attribute this to robust overseas demand following supply disruptions originating from the Middle East.
According to their analysis:
Metric
Latest Reading
Detail
Export volume
632.4kt
“On the export side, shipments of unwrought aluminium and products rose 15.5% YoY to 632.4kt.”
Historical comparison
Highest since November 2024
“This is the highest since November 2024, as producers responded to stronger overseas demand following supply disruptions from the Middle East.”
Speculative Positioning in Aluminum
The strategists also highlight changes in speculative activity in the aluminum market based on Commodity Futures Trading Commission data. They note a rise in net long positions, despite reductions in both long and short exposures.
Positioning Indicator
Value
Comment
Change in net longs
+4,874 lots
“Aluminium net longs rose by 4,874 lots to 85,964, driven by a sharper drop in both long and short positions.”
Total net long positions
85,964 lots
As reported by ING strategists based on CFTC data
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