Aluminum Gives Up Gain After Smelter Cut as War Weighs on Metals

Aluminum slipped as European stock markets fell, with the metal giving up gains seen after a major Middle Eastern smelter closed almost a fifth of capacity because of the war in Iran.

Aluminium Bahrain BSC has started a phased shutdown of three production lines, together accounting for 19% of its total output capacity of 1.6 million tons, the state-owned firm said on Sunday. Alba, as the company is known, is planning to conserve raw materials while shipping through the Strait of Hormuz faces disruptions.