Global Trade
June 30, 2025
Written by Gabriella Vagnini
Last week we broke down what the LME’s new front-month lending rule means for the U.S. aluminum market. Now let’s call it like it is. If you have traded this market, you already know the game. Curve risk, spread trades, delivery optionality. This new rule changes how that is played.
If you are long the front and over the stock, you are now the market’s liquidity provider.
EGA has restarted 631 of Al Taweelah’s 1,262 reduction cells and still expects the smelter to return to full production in Q1 2027.
Recycler forward views shifted toward undersupply in October even as Midwest Premium and UBC expectations moved lower.
Aluminum sheet lead times rose modestly in October, while broader supply indicators remained largely stable after September’s shift.
Alcoa expects two other unnamed sites to follow the Massena East sale.
A Luxembourg court withdrew an order blocking a potential sale of Ardagh Metal Packaging, allowing Ardagh Holdings to resume preparations.
