According to LME data, Trafigura has emerged as a key participant in an historic aluminum squeeze on the London Metal Exchange this week, with the group making large-scale purchases amid a sharp decline in inventory. November contract longs exceed the exchange's total available inventory of 226,350 tons, marking the lowest level since 1990. The combination of large concentrated positions and shrinking exchange stocks has driven the market to its steepest cash premium in decades, with near-term contracts trading significantly above longer-dated contracts.

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