Aluminium output hits a new monthly high in May, encouraged by elevated smelter margins and robust demand: Aluminium output in May rose c5% y-o-y to 3.83mt and y-t-d is up 4%, supported by the improved smelter margin given the substantial decline in raw material prices y-t-d, Alumina (-32%) and thermal coal (-20%). China aluminium inventory dropped c400kt over the past three months despite the robust supply, indicating strong downstream demand. Aluminium industry fundamentals look solid backed by the 45mt p ...