Why did aluminum prices extend their rally and hit a seven-week high?

Aluminum prices extended their rally and hit a seven-week high after Norsk Hydro ASA announced its Alunorte plant in Brazil had cut output to 50% of capacity due to disruptions in natural gas supply, compounding major supply-side disruptions this year—including those caused by the Iran war, which disrupted metal flows from the Middle East (about 10% of global production) and sent prices and premiums rocketing.

What is the current state of London Metal Exchange aluminum inventories, and why is it significant?

London Metal Exchange (LME) aluminum inventories have slumped to their lowest level since 1990—now near a quarter of a million tons—despite new supplies from China and Indonesia, reflecting persistent supply tightness driven by the Iran war’s impact on Middle Eastern output and the Alunorte production cut, which together have intensified market concerns about a widening global supply shortfall.

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