Commodities Comment-Aluminium: The time machine has gone into reverse

We attended the 8th Harbor Aluminium Summit in Chicago last week, wherethere was a vague sense of familiarity. Much of the discussions taking placesurrounded options for financing deals and who was going to close capacitygiven wider market oversupply, while warehouses are back in vogue as amarket of (almost) last resort. These were the very same things prevalent inthe aluminium market in 2012-13. Meanwhile, unless the oversupply is solvedsoon, the time machine for aluminium could be back on the 2009 setting