Aluminium dives on base metals sell-off.

• Despite hitting a record high of US$3,341/t on 11th July, the LME 3M price fell 10% over the past month and 6% since the beginning of August as market traders liquidated long positions.
  
• Concerns on demand together with a strengthening US dollar and lower oil price led to the fall in prices.
  
• Stock levels trended higher as spot premiums declined further in the month.
  
• Although falling oil prices trim operating costs, CRU expects prices to remain underpinned on solid cost support.