Metals traders were underestimating a potential supply crisis in aluminium, which they saw as a crisis that no one saw coming. The LME aluminium price and physical premiums have also increased, leading to a significant increase in the LME aluminum price and a sharp increase in physical premiums. Despite this, LME copper hit an all-time nominal high of $14,527.50 per metric ton in January, but the growing surplus of surplus metal has dampened some of the bullish fire. Registered tin stocks have surged by 60% to 8,675 tons since the start of the year, with another 2,951 tons still in the off-warrant category. Despite these sharp increases, there is no immediate shortage of units in either nickel or lead markets. The question is whether the impact the Iran war will have on demand, particularly for aluminium, as long as the conflict continues, depending on how long it lasts.