Aluminum has corrected 17% from its May peak ($3,797 to $3,154/mt) as the Gulf ceasefire eases risk premiums, but the structural deficit remains intact. Gulf smelter disruptions (Al Taweelah fully idled, Alba/Qatalum curtailed) have removed ~2.4 Mt/y of Western production — the largest peacetime supply shock in the metal's history. LME stocks at 280kt cover under 4 days of global demand, down 43% YTD. The correction is a temporary reprieve, not a reversal. Buyers should treat the $3,100-3,200/mt zone as a buying opportunity within a structural bull market that persists through 2027. FACT