Aluminum Higher on Chinese Buying

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• LME Aluminum 3M Select trades $13.43 higher to $3130.50 at 8:25:41 AM

  • (Bloomberg) – Aluminum extended a recovery from its lowest closing level in four months as weak prices spur Chinese demand.  Prices on the London Metal Exchange added to a 0.8% rise on Monday. The metal closed at the lowest level since February last week as Middle East supplies rebounded faster-than-expected after the interim deal to end the war.  China’s inventories have retreated by a quarter from their April peak to 1.09 million tons as of Monday, according to researcher Mysteel Global.   Stockpiles may drop below 900,000 tons this month, Jinrui Futures Co. said in a note. Despite the return of aluminum supply capacity from outside of China, there’s still a global shortfall of the metal this quarter, the Chinese brokerage said.  Goldman Sachs Group Inc. analysts on Monday cut their aluminum price forecast by about 8% to $2,950 a ton for the fourth quarter, citing a faster recovery in Middle East supplies led by Emirates Global Aluminium PJSC’s Al Taweelah facility.  Still, fresh attacks on shipping in and around the Strait of Hormuz highlighted continued risks to vessels there. A laden liquefied natural gas tanker was hit by a projectile near the Omani coast as it exited the chokepoint. Axios said Iran fired at least two missiles at commercial ships transiting the strait. 

• LME Copper 3M Select trades $-14 lower to $13390 at 8:25:40 AM

• CME HRC Steel last traded at $1155 and $-1 lower at 7/6/2026

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