Price Discovery in the European Aluminium Market Isabel Figuerola-Ferretti Christopher L. Gilbert Initial draft: 9 February 2003 An earlier version of this paper with a different title was presented at a meeting of the Applied Econometrics Association, Luxembourg, 6-7 July 2000. Figuerola-Ferretti: Departamento de EconomÃa de la Empresa, Universidad Carlos III de Madrid, c) Madrid 126, 28903 Getafe, Madrid, Spain. email ifgarrig@emp.uc3m.es . Gilbert: FEWEB, Vrije Universiteit, De Boelelaan 1105, 1081 HV Amsterdam, The Netherlands, email cgilbert@feweb.vu.nl .