I would think the price Al stocks would be inversely proportional to Oil, although it may follow behind in the cycle.
If Oil $ goes down, Al cost to produce would be cheaper. Al stocks up.
In turn more Al production, more supply, in turn less demand. Which is what i think we are seeing now.
I would think the anomaly where Al has followed Oil price comparatively is to do with our old friend PRC. I believe China's GDP and other macro fundamentals are at play at the moment.
We keep hearing how China is moving to 'consumption' based economy. With less production requirements of Al, less demand.
I think we will see a transitional period for a while, where raw materials will get hit.
Unfortunately i am down on nickel stock(WSA), whihc i had hopes of a bounce in price. Nickel is required in the manufacture of steel, mainly globally coming out of Chinese steel mills. Nickel supply at 5 year highs, nickel price 5 year lows(maybe more).
So i am holding on WSA and out of AWC.
GL, back in if the price is right.
srm777