Aluminium falls as EGA reaffirms output recovery timeline

Business Recorder reported that aluminium prices slid on Wednesday after Emirates Global Aluminium (EGA) reaffirmed its plan to restore full output at the damaged smelter in the first three months of 2027. On the London Metal Exchange, the three-month contract lost 1.5% to $3,313 a tonne by 1006 GMT, retreating from Tuesday's seven-week peak of $3,384.5. Prices had climbed for seven straight sessions, amid Gulf supply worries and a Norsk Hydro announcement of lower feedstock output at its Brazilian plant.

EGA said its Al Taweelah smelter, shut by an Iranian strike in March, is now running at 18% of capacity. Despite that outage, the Abu Dhabi-based firm rerouted exports beyond the Strait of Hormuz, limiting the sales decline to 32%, or 939,000 tons, in the first six months of 2026.

Physical premiums paid in Europe fell to $487 a tonne from a May high of $621, though they still sit 36% above the level when hostilities began. Copper rose 0.5% to $14,233.50 a tonne, poised for a record close, as a temporary Indonesian smelter shutdown and US-bound outflows kept LME stocks tight. China's Yangshan copper premium slipped to $96 a tonne, a one-month low, down from a July 22 peak of $115, pointing to softer importer demand. Zinc advanced 1.1% to $3,768.50 and nickel rose 0.5% to $16,910, while tin and lead each gained 0.3%, reaching $55,960 and $1,911.50.