Tag: Middle East

Aluminum prices were up by 2% on the week. No surprise here because the complex tends to track crude oil prices closely.

Aluminum prices retreated as markets priced a return to Middle East stability, but shipping attacks, military strikes and LME indicators suggest that assumption may have outpaced events.

EGA reported progress restoring its Al Taweelah complex while US import data highlighted changing aluminum trade flows following the regional conflict.

Markets were somewhat adrift this past holiday-shortened week as there was not much meaningful news to go by.

The recent retreat in aluminum prices has been a “head scratcher” as the Iran war continues to disrupt output from an important production region.

The United States and Iran continued to trade attacks over the weekend.

We saw lower moves in base metals. Aluminum prices retreated by about 6.3% last week, shadowing crude lower on rising perceptions of easing metal outflows.

A liquified natural gas (LNG) processing site suffered a "technical accident" in Ras Laffan industrial zone on Sunday night, according to the BBC, citing the interior ministry.

With a tenuous memorandum of understanding signed between the US and Iran, crude oil prices continued to sell off this past week, although the declines were not as steep as what we saw in the week prior.

LME aluminum prices, prompt premiums and the US Midwest Premium have moved lower in June, while exchange inventories continue to decline and remain near five-year lows.