According to CoinMeta, on Wednesday, the spot price of aluminum at the London Metal Exchange ($LME) once traded at a premium of $147 per ton over three-month futures, setting a record high in over 30 years. Warehouse inventories ($LME) have dropped to their lowest levels since 1990, and the spot premium structure ($backwardation) has reached its most severe level since the late 1980s. Exchange data shows that as of Monday, the open positions in warehouse receipts and spot contracts held by two trading entities accounted for 60% to 80% of the available inventory in the storage network ($LME), further exacerbating the issue of supply concentration. Conflicts in the Middle East have disrupted aluminum exports from the Gulf region, increasing transportation costs and risks, while some smelters are still repairing damaged facilities. Although new production capacity in Indonesia is being brought online, its aluminum products have not yet obtained the necessary delivery qualifications ($LME), making it difficult to alleviate inventory tensions in the short term.