--- title: "Aluminum Squeeze Might Get Worse Yet — -2-" type: "News" locale: "en" url: "https://longbridge.com/en/news/288088794.md" description: "Asian commodity markets showed mixed trends driven by geopolitical developments. Aluminum rose 0.4% on hopes of a U.S.-Iran deal easing Strait of Hormuz disruptions, while iron ore gained slightly despite bearish analyst views on supply and demand. Gold futures turned constructive technically, reclaiming key moving averages amid a risk-on sentiment sparked by potential diplomatic resolutions." datetime: "2026-05-29T15:00:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288088794.md) - [en](https://longbridge.com/en/news/288088794.md) - [zh-HK](https://longbridge.com/zh-HK/news/288088794.md) generator: "portal-rs" --- # Aluminum Squeeze Might Get Worse Yet — -2- 0329 GMT - Iron ore is higher in early Asian trade, but some analysts remain bearish on prices in the near term. Supply remains high even though having fallen slightly from the peak, Baocheng Futures analysts say in a note. Meanwhile, there are no signs of rising demand, they add. The most actively traded September iron ore contract on the Dalian Commodity Exchange is 0.5% higher at 784.5 yuan a ton. (jiahui.huang@wsj.com; @ivy\_jiahuihuang) -- Gold Futures' Technical Signals Turning Constructive -- Market Talk 0235 GMT - Gold futures' technical signals are turning increasingly constructive, suggesting the precious metal is likely to form a near-term base, StoneX's Matt Simpson says in commentary. Gold futures' close back above the 200-day simple moving average and the 200-day exponential moving average on Thursday is "constructive for \[gold\] bulls" in the near term, the senior market analyst says. Also, gold futures have reclaimed a monthly pivot point, while a bullish divergence is forming on the two-day relative strength index, further supporting the case for a near-term rebound, the analyst adds. Spot gold is 0.2% higher at $4,505.45 a troy ounce. (ronnie.harui@wsj.com) -- Aluminum Gains as U.S.-Iran Deal Hopes Spark Risk-On Tone -- Market Talk 0129 GMT - Aluminum rises in Asian trade, with the three-month aluminum contract on the London Metal Exchange up 0.4% at $3,674.50 a metric ton. The prospect of a U.S.-Iran deal has helped spark a risk-on tone across markets, say ANZ Research analysts in a note. Aluminum has been the best-performing base metal on the LME since the Middle East conflict escalated in late February, ANZ says, noting that one-tenth of global supply has been disrupted due to the effective closure of the Strait of Hormuz. (megan.cheah@wsj.com) -- Oil Supply Likely to Recover Gradually in Event of U.S.-Iran Deal -- Market Talk 0245 GMT - Oil supply is likely to recover gradually in the event of a U.S.-Iran deal, ING's commodities strategy team says in a note. Both sides appear to have reached a memorandum of understanding that would extend the cease-fire by 60 days and reopen the Strait of Hormuz, ING says. However, this still needs to be signed off on by President Trump, and there's been "little color" from Iran regarding the nearing of an agreement, the bank says. Meanwhile, "shipowners could be reluctant to send vessels into the Persian Gulf initially, with fears that the cease-fire could break down, potentially trapping vessels once again in the Gulf," ING says. Also, recovery in upstream production will probably be gradual rather than immediate, it adds. (ronnie.harui@wsj.com) -- Aluminum Gains as U.S.-Iran Deal Hopes Spark Risk-On Tone -- Market Talk 0129 GMT - Aluminum rises in Asian trade, with the three-month aluminum contract on the London Metal Exchange up 0.4% at $3,674.50 a metric ton. The prospect of a U.S.-Iran deal has helped spark a risk-on tone across markets, say ANZ Research analysts in a note. Aluminum has been the best-performing base metal on the LME since the Middle East conflict escalated in late February, ANZ says, noting that one-tenth of global supply has been disrupted due to the effective closure of the Strait of Hormuz. (megan.cheah@wsj.com) Write to Barcelona Editors at barcelonaeditors@dowjones.com (END) Dow Jones Newswires May 29, 2026 10:53 ET (14:53 GMT) Copyright (c) 2026 Dow Jones & Company, Inc. ### Related Stocks - [RIO.UK](https://longbridge.com/en/quote/RIO.UK.md) - [AEM.US](https://longbridge.com/en/quote/AEM.US.md) - [600489.CN](https://longbridge.com/en/quote/600489.CN.md) - [BHP.UK](https://longbridge.com/en/quote/BHP.UK.md) - [600219.CN](https://longbridge.com/en/quote/600219.CN.md) - [GOLD.US](https://longbridge.com/en/quote/GOLD.US.md) - [KGC.US](https://longbridge.com/en/quote/KGC.US.md) - [603876.CN](https://longbridge.com/en/quote/603876.CN.md) - [601677.CN](https://longbridge.com/en/quote/601677.CN.md) - [CENX.US](https://longbridge.com/en/quote/CENX.US.md) - [601702.CN](https://longbridge.com/en/quote/601702.CN.md) - [BHP.US](https://longbridge.com/en/quote/BHP.US.md) - [RIO.US](https://longbridge.com/en/quote/RIO.US.md) - [601899.CN](https://longbridge.com/en/quote/601899.CN.md) - 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