Aluminum buyers on the London Metal Exchange are facing the worst squeeze in decades. Inventories supporting contracts have declined sharply, and most of the remaining inventory is controlled by just two traders. On November 11, the spot price of this key industrial metal soared, with a premium of 147 US dollars/ton over the exchange's benchmark three-month futures, the highest in more than 30 years. The spread was still stagnant in mid-October, but as LME warehouse inventory plummeted to its lowest level since 1990, the spread rose sharply.

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