South Korea stored a large amount of aluminum and copper in LME-registered warehouses. After the country’s president Yoon Suk Yeol declared an emergency martial law on Tuesday (December 3), which was later rejected by parliament, the LME was paying close attention to the situation and will take action if necessary to maintain market order.

Additionally, supply disruptions in Australia and Guinea, RUSAL’s decision to cut production by more than 6%, and news of raw material shortages triggered systemic buying. Besides, a weaker US dollar index further supported metal prices, making US dollar-denominated commodities more attractive to buyers in other currencies, pushing up LME aluminum prices.

On Tuesday, LME aluminum futures rose by 0.75% to close at US$2,609.5/ton.