Aluminum slid to a three-month low as progress in Middle East peace talks raised
expectations of a gradual return of regional supply. The US issued a 60-day
license allowing Iran to sell oil on international markets, providing Tehran an
economic lifeline while talks on a permanent settlement continue. Aluminum had
climbed about 11% YTD after the conflict disrupted local production and exports,
but one of the biggest supply shocks in the market’s history has been partly
unwound as Persian Gulf smelters rebuilt inventories, including risky shipments
through the Strait of Hormuz.
