Aluminum prices continue to decline from a seven-week high as supply concerns ease.

Aluminum prices have fallen for the second consecutive day, as a major aluminum smelter in the Middle East announced plans to resume production earlier than expected, easing concerns about tightening aluminum supply in the market. Emirates Global Aluminium plans to boost production to pre-war levels in the first quarter of next year, after attacks launched by Iran in March led to shutdowns at its main smelting facility. Following this news, aluminum prices dropped significantly on Wednesday. Previously, aluminum had risen for seven consecutive trading days due to perceptions that Iran and the United States were moving further away from an agreement to reopen the Strait of Hormuz. Aluminum inventories on the London Metal Exchange are currently at their lowest level since 1990. Additionally, the owner of Australia's largest aluminum smelter, Tomago, received AU$2.5 billion in government support on Thursday, allowing the facility to continue operations, which further increased supply-side pressures. Aluminum prices fell by 0.9% to US$3,282.50 per ton. Other base metal prices also generally declined, with copper down 0.4% and zinc down 0.8%.