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IPC Index — Mexico MarketAluminum futures in the UK rose past $3,500 per tonne, approaching their highest level in more than four years, with investors becoming increasingly cautious ahead of President Donald Trump’s deadline for Iran to agree to a peace deal. Trump said on Monday that he would not extend the Tuesday night deadline, warning that the US is prepared to strike Iranian bridges and power infrastructure if Tehran does not comply. Emirates Global Aluminium, the region’s top producer, has halted operations at its Al Taweelah smelter after it was hit by Iranian missiles last month.
The Gulf region is a critical supplier of primary aluminum, accounting for roughly 9% of global supply. However, outbound shipments have been severely disrupted by the closure of the Strait of Hormuz. Signs of tightness in the physical market are also emerging, with LME warehouse inventories falling to 418,675 tonnes as of March 27, the lowest level since July 2025.
