LME aluminum price increased $30/t (1c/lb) to $2,140/t ($0.97/lb)through October, on inventory build ahead of Chinese curtailments. DBealuminum smelter margins fell ~$174/t (8c/lb) in October. Aluminum is$417/t (19c/lb) or 24% higher than one year ago.。    US Midwest regional premium was flat in October at 10c/lb. Europeanand Japanese premiums increased 7-8% to 7c/lb and 4c/lb, respectively.Raw materials: Alumina increased 27% MoM to $485/ton (+67% YoY)from short-term mismatch between refinery curtailments against stillstrong aluminum output. Bauxite ore was flat at $49/t (+7% YoY). DBealumina refining margins +$102/t.。    Apparent demand: NA consumption +13% YoY to 424kt (-2% MoM), onhigher net imports (+56kt YoY) and shipments (+4kt). Chinese apparentdemand decreased 4% YoY to 2.5mt as production declining 5% to 2.6mtwas only partly offset by 21% lower net exports of 125kt.。

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