Latest from RobotFX: important news impacting currency trading.
Aluminum futures in the UK have risen above $3,650 per tonne, their highest level since March 2022, driven by persistent fears of a supply shortfall. Wood Mackenzie now forecasts a global deficit of up to 4 million metric tons this year, highlighting increasingly tight market conditions. Emirates Global Aluminium, the Middle East’s largest producer, has declared force majeure on some shipments after suspending operations at its Al Taweelah smelter following Iranian strikes. Alba, the world’s largest single-site aluminum smelter outside China, was also affected, though the full extent of the damage is still unknown. Both Alba and Qatar Aluminium had already cut output prior to the attack, the latter amid power shortages. The Persian Gulf region accounts for roughly 9% of global aluminum supply and is a key supplier to Europe, Asia, and the United States. Even before the strikes, the closure of the Strait of Hormuz had severely constrained the region’s access to essential inputs. In response, Chinese producers have indicated they are prepared to step in and provide alternative supplies to overseas buyers.
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