Shanghai's most active aluminium futures contract falls 3.13% to 22,730 yuan per metric ton, lowest in 2026

Shanghai's most active aluminum futures contract fell 3.13% to 22,730 yuan per metric ton on June 24, 2026, marking the lowest level of the year. The decline follows broader downward pressure on global aluminum prices, driven by expectations of increased supply from the Middle East amid progress in US-Iran negotiations. A potential resumption of exports from the Persian Gulf, which accounts for about 9% of global production, has raised concerns over oversupply. Meanwhile, rising output from China and Indonesia has further intensified market pressures. On the demand side, weak economic data from China, a major consumer of aluminum, has fueled uncertainty about near-term demand trends. Additionally, a stronger US dollar has made dollar-denominated commodities more expensive for buyers using other currencies, adding to the downward momentum. Despite the recent decline, aluminum prices remain 21.71% above their level from a year ago. Analysts project prices to stabilize in the coming quarter, with expectations of a gradual recovery as supply-demand dynamics evolve.