There's a lot of food for thought in this Reuters write up that actually focuses on Alcan's (AL) options: Alcan says considering all options to Alcoa bid.
The heavy put volume Wednesday in BHP Billiton (BHP), that I noted earlier in my Options Screener, has my antenna up that something may be coming down the pike in the aluminum space. Also noteworthy that call options volume in the July AA contracts swamped put volume. The heaviest of the AA July call volume was centered in the out of the money 42.5 and 45 strikes, though there was trading in the 47.5 and 50 call strikes.
I have no position yet, but will be keeping a close eye on the activity later today.