Summary: Aluminium prices rose by 0.9% this morning following news of a naval blockade in the Strait of Hormuz. The most significant indicator of market stress is the “backwardation” (the premium for immediate delivery), which jumped 37% to $91.50 per tonne—the highest level since 2007. This suggests a desperate scramble for physical metal as Middle Eastern supply (roughly 9% of global output) remains under threat.

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