[LME Aluminum Spot Premium Hits Over 30-Year High, Inventories Fall to Lowest Level Since 1990] According to a report by Jinse Finance on November 12th, foreign media reported that the London Metal Exchange (LME) aluminum spot price reached a premium of $147/ton over three-month futures on Wednesday, a record high in over 30 years. LME warehouse inventories fell to their lowest level since 1990, and the backwardation structure reached its most severe level since the late 1980s. Exchange data shows that as of Monday, the long positions held by the two trading entities in warehouse receipts and spot contracts accounted for 60% to 80% of the available inventory in the LME warehousing network, further exacerbating the supply concentration problem. Meanwhile, the Tom/Next spread, reflecting deferred delivery costs, rose to $31.73 per ton, the highest since 2021, indicating increased pressure on the market to compete for existing inventory. The Middle East conflict has disrupted aluminum exports from the Gulf region, increasing transportation costs and risks, and some smelters are still repairing damaged facilities. At the same time, trade barriers restrict supply to the European and American markets. Despite the release of new production capacity in Indonesia, its aluminum products have not yet been granted delivery eligibility on the LME, making it difficult to alleviate inventory tightness in the short term. The LME stated that it will prevent excessive market manipulation through large trader position management rules. Futures price curves indicate that supply pressures have extended into 2028.