Aluminum prices fall amid supply stability
Aluminum prices declined for the second consecutive day after Emirates Global Aluminum announced plans to restore production to pre-war levels in the first quarter of next year. This development eased fears of supply shortages in global markets. Despite this, inventories remain at their lowest levels since 1990, and tensions in the Strait of Hormuz continue to raise concerns about supply disruptions. The announcement caused the metal's price to drop by 0.8%, reaching $3,285.50 per ton on the London Stock Exchange after a seven-session increase. Meanwhile, markets are under pressure due to a shift in the supply-demand balance toward a potential surplus. Global markets were also affected by declines in aluminum company stocks in China and Australia's government rescue package to support the Tomago plant, with industry analysts predicting prices may fall in the medium term.
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