Aluminium's Gulf disruption premium vanishes
LONDON: The Iran war is escalating again but you wouldn't know it from the aluminium price.Damage to two Gulf smelters and constrained logistics at others have already blown a 2-million-metric-ton hole in the global supply chain.But after surging to a four-year high of $3,787.50 per ton in early June, London Metal Exchange (LME) three-month aluminium is now trading around $3,170 per ton, which is exactly where it was before the United States unleashed its "Operation Epic Fury" - joint strikes with Israel on Iran - on February 28.So where did the war premium go?And is the market right to be