Aluminum dips after Emirates Global restart

Aluminum prices declined for the second consecutive day after Emirates Global Aluminium announced the resumption of its production ahead of schedule, reducing supply concerns and calming the market. This comes amid indications of a divergence between Iran and the United States regarding the opening of the Strait of Hormuz, while aluminum inventories remain at their lowest levels since 1990. Additionally, the largest Australian smelter received a government support package worth 2.5 billion Australian dollars as part of efforts to support production. Meanwhile, the expected increase in supply is exerting downward pressure on prices, which fell by 0.9% to $3,282.50 per ton.

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