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Aluminum futures in the UK were at $3,330 per tonne, their highest level in four weeks, supported by persistent supply tightness and shrinking inventories. The ongoing US-Iran conflict has crimped aluminum flows from the Middle East, with GCC output falling 44% year-on-year in July. LME inventories remained near a 36-year low, while SHFE inventories fell 3% from the previous week, underscoring tight conditions in the physical market. Meanwhile, the Alunorte plant in Brazil, the world’s largest alumina refinery outside China, temporarily cut production to 50% of capacity in August, although output was subsequently restored to full capacity following a temporary terminal access agreement with its gas supplier. Some of these supply pressures could also be partly eased by planned capacity restarts and expansion projects among several producers, as well as rising exports from China, the world’s largest producer.
