Ali in Wonderland

摘要

Aluminium disappeared down the rabbit-hole last week when it emerged that Rusal is apparently mullingthe launch of an exchange-traded fund (ETF) that could be backed by over a million tonnes of its metal. Physical market participants were astonished by the move. One trader described the plans as "mad", particularly given the tightness of spot units, soaring premiums and prices above 2,400 dollars per tonne on the London Metal Exchange.