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

2026-07-27

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