Aluminum climbed for a seventh straight session as prospects for a rapid
reopening of the Strait of Hormuz faded, raising concern that Middle East supply
will remain constrained. US and Iranian positions have hardened, implying
negotiations to restore flows could be prolonged and dampening hopes of
near-term normalization; global inventories sit near multi-decade lows and the
region accounted for roughly 10% of pre-conflict global output. Prices initially
spiked at the outbreak of hostilities, eased during early talks and have resumed
gains, up more than 8% since late June as delayed conflict resolution coincides
with reduced market bets on further US rate hikes, supporting a broader rally in
base metals.
