Aluminum prices fell for the second day in a row, and a major aluminum smelter in the Middle East announced plans to resume production early, easing market concerns about increasingly tight aluminum supply. UAE Global Aluminum plans to raise production to pre-war levels in the first quarter of next year. Iran's March attack led to the shutdown of its main smelter. Affected by the news, aluminum prices fell sharply on Wednesday. Previously, aluminum prices rose for seven consecutive trading days as Iran and the US seemed to be getting farther away from reaching an agreement on reopening the Strait of Hormuz. Aluminum stocks on the London Metal Exchange are currently at their lowest level since 1990. Additionally, the owner of Tomago, Australia's largest aluminum smelter, received 2.5 billion Australian dollars in government bailout funds on Thursday, enabling the plant to continue operating, further increasing supply-side pressure. The price of aluminum fell 0.9% to $3282.50 per ton. Prices of other basic metals were also generally lower, with copper prices falling 0.4% and zinc prices falling 0.8%.

Aluminum prices fell for the second day in a row, and a major aluminum smelter in the Middle East announced plans to resume production early, easing market concerns about increasingly tight aluminum supply. UAE Global Aluminum plans to raise production to pre-war levels in the first quarter of next year. Iran's March attack led to the shutdown of its main smelter. Affected by the news, aluminum prices fell sharply on Wednesday. Previously, aluminum prices rose for seven consecutive trading days as Iran and the US seemed to be getting farther away from reaching an agreement on reopening the Strait of Hormuz. Aluminum stocks on the London Metal Exchange are currently at their lowest level since 1990. Additionally, the owner of Tomago, Australia's largest aluminum smelter, received 2.5 billion Australian dollars in government bailout funds on Thursday, enabling the plant to continue operating, further increasing supply-side pressure. The price of aluminum fell 0.9% to $3282.50 per ton. Prices of other basic metals were also generally lower, with copper prices falling 0.4% and zinc prices falling 0.8%.