Concord Resources research director Duncan Hobbs said the aluminum market is far larger than 25 years ago, leaving current LME inventories extremely low relative to market size. LME aluminum on-warrants were 245,350 tons on July 24, the lowest since

2026-07-27

Concord Resources research director Duncan Hobbs said the aluminum market is far larger than 25 years ago, leaving current LME inventories extremely low relative to market size. LME aluminum on-warrants were 245,350 tons on July 24, the lowest since April 2025. Hobbs warned the market may be "overly complacent" about supply risk despite forecasts of a 2027–28 surplus; ongoing Strait of Hormuz disruptions are hampering Gulf smelters' imports of feedstock and exports of metal.

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