Aluminum stocks continued their upward trend, with CHALCO (02600) rising 5.96% to HK$11.93, NANSHAN AL INTL (02610) gaining 3.93% to HK$55.6, CHINAHONGQIAO (01378) advancing 3.34% to HK$35.92, and CHUANGXIN IND (02788) increasing 2.28% to HK$29.6 by the time of writing. The movement follows reports of substantial production cuts by two major aluminum producers in the Middle East. Both Bahrain Aluminium and Emirates Global Aluminium indicated that their production lines would face difficulties resuming operations in the short term, leading to an estimated 20% reduction in output by 2026. Given the significant scale of these companies, their combined capacity represents over 6% of global production, while the Middle East as a whole accounts for approximately 9% of total worldwide aluminum output. In addition, surging crude oil and natural gas prices are further elevating global aluminum production costs. Goldman Sachs has raised its aluminum price forecasts for the London Metal Exchange, citing increased supply disruptions. The investment bank increased its Q2 2026 LME aluminum price projection from $3,200 to $3,450 per ton, and lifted its full-year 2026 average price estimate from $3,100 to $3,200 per ton, noting potential upside risks. It also raised its 2027 average price forecast from $2,700 to $2,750 per ton.