This week’s price action illustrates how market expectations have shifted. Renewed tensions in the Middle East initially supported aluminium prices. However, prices moved lower after Emirates Global Aluminium (EGA) announced further progress in restoring operations at its Al Taweelah complex, reinforcing expectations that supply disruptions are likely to prove less severe than previously feared. The biggest change since our previous forecast has been the improving outlook for Middle Eastern aluminium production. Recent operational updates from EGA have consistently pointed to a faster-than-expected recovery. The ... (full story)