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Aluminum futures in the UK climbed above $3,650 per tonne, the highest since March 2022, amid persistent concerns over a supply shortfall. Wood Mackenzie projects a global deficit of up to 4 million metric tons this year, underscoring a tight market. Emirates Global Aluminium, the Middle East’s largest producer, has declared force majeure on some deliveries after halting operations at its Al Taweelah smelter due to Iranian strikes. Alba, the largest single-site aluminum smelter outside China, was also hit, although the extent of the damage remains unclear. Alba had already reduced output prior to the attack, as had Qatar Aluminium amid power shortages. The Persian Gulf accounts for about 9% of global supply, serving Europe, Asia, and the US. Even before the attack, Iran’s closure of the Strait of Hormuz, had already strained the region’s access to critical inputs. Meanwhile, Chinese firms have signalled readiness to step in with alternative supplies for overseas customers.

Aluminum Prices at Over 4-Year High

The CAC 40 index rose 0.4% to around 8,300 on Thursday, reversing losses from the previous session as optimism over a potential resolution to the Middle East conflict lifted market sentiment. Reports suggest the US and Iran are considering extending their fragile ceasefire by two weeks to allow more time for negotiations, with the current truce set to expire next week, although shipping through the Strait of Hormuz remains suspended under a continued US naval blockade. Meanwhile, markets continued to digest corporate updates, with TotalEnergies signalling a strong first-quarter performance as higher energy prices and increased production outside the Middle East are expected to offset disruption from the conflict, though the energy giant still fell 0.8%. Among other notable performers, LVMH rose 1%, Airbus gained 1.1%, and Schneider Electric added 0.6%.

French Stocks Open Higher

Producer prices in Sri Lanka increased at a slower pace of 1.1% year-on-year in February 2026, easing from 3% in the previous month. Agricultural prices contracted sharply (-16.2% vs. -1.1% in January), dragged down by declines in both non-perennial (-23.1%) and perennial crop production (-16.6%). Meanwhile, manufacturing inflation held steady at 3.7%, with price drops recorded in textiles (-8.1%), printing and recorded media (-0.3%), coke and refined petroleum products (-1.9%), and furniture (-0.1%), while electricity, gas, steam, and air conditioning supply costs accelerated (15.5% vs. 3.2%). On a monthly basis, producer prices fell 0.7% in February, reversing a 0.3% increase in the preceding period.

Sri Lanka Producer Inflation Eases in February

The UK 10-year Gilt yield fell to 4.749% as Bank of England policymakers signaled no urgency to raise interest rates. Governor Andrew Bailey said it is too early to assess the full impact of the Iran war, describing it as a major energy shock and noting that its duration will be key for inflation. Also, policymaker Megan Greene said markets were right to scale back expectations for aggressive rate hikes. The conflict is expected to weigh heavily on the UK economy, pushing up borrowing costs and inflation, with forecasts now pointing to levels well above the central bank target. Policymakers face a difficult balance between inflation risks and slowing growth ahead of their April 30 meeting. However, recent data showed the economy was gaining momentum before the conflict, with GDP rising 0.5% in February, well above expectations.

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