Aluminum Rises as Traders Weigh Chinese Output, Mideast Supply

Aluminum edged 0.3 percent higher on the London Metal Exchange to settle at 3,388.50 dollars per metric ton, though prices remain down since the US-Iran agreement was announced over the weekend. China's primary aluminum production hit a fresh monthly record in May, with annualized output for the first five months reaching 46.5 million tons, above the government-imposed annual capacity cap of about 45 million tons. Analysts, including those at Citigroup and BNP Paribas, note limited room for further output growth in China, while the potential return of Middle East smelter capacity following the Iran deal adds supply uncertainty.