Aluminum Midwest premium average in November 2026
Short Answer
1. Market Behavior & Drivers
- Since last update (~24h): The market for '70¢ or above' surged +81.0pp, flipping the model edge by -89.0pp to -1.2%.
- Model probability for '90¢ or above' jumped +78.0pp, widening edge as market fell -3.0pp.
- Market probability for '95¢ or above' surged +80.0pp, compressing the edge, tracking a +78.0pp model rise.
- Model increased '100¢ or above' by +13.9pp, widening the edge against market's +7.0pp rise.
- Aluminum Midwest Premium is likely 80¢ or above due to continued Section 232 duties.
- Canadian aluminum's landed cost advantage supports a premium of at least 85¢.
- Spot prices and analyst forecasts suggest the premium may exceed 90¢.
Who Wins and Why
| Outcome | Market | Model | Why |
|---|---|---|---|
| 105¢ or above | 14.0% | 16.4% | The SMM spot premium was 105¢/lb on October 9, 2026, showing near-term stability. |
| 90¢ or above | 6.0% | 90.0% | Structural import dependence and continued tariff enforcement support a higher Aluminum Midwest Premium. |
| 100¢ or above | 9.0% | 16.4% | SMM assessed 105¢/lb on October 9, 2026, and analysts forecast 100-110¢/lb. |
| 85¢ or above | 96.0% | 93.7% | Research does not highlight strong supporting evidence. |
| 95¢ or above | 90.0% | 90.0% | SMM spot prices were 105¢/lb on October 9, 2026, with analysts projecting 100-110¢/lb. |
Current Context
Sources (14)
- 1Aluminum Midwest premium average in November 2026 Odds & Predictionskalshi.com
- 2Aluminum Midwest premium average in November 2026: Odds & Chart | 4Search Finance4search.com
- 3Aluminum Midwest premium average in November 2026? Odds & Prediction Markets | PredictionHeropredictionhero.com
- 4Will the aluminum Midwest premium be at least 85¢/lb?… | Frenzy Capitalfrenzycap.com
- 5Will the aluminum Midwest premium be at least 90¢/lb?… | Frenzy Capitalfrenzycap.com
- 6Will the aluminum Midwest premium be at least 80¢/lb?… | Frenzy Capitalfrenzycap.com
- 7Will the aluminum Midwest premium be at least 75¢/lb?… | Frenzy Capitalfrenzycap.com
- 8LME Aluminium Premium Duty Paid US Midwest (Platts)lme.com
- 9Aluminium Premium (Paid US Midwest) - Cbondscbonds.com
- 10Primary Aluminum Premiums Outside China Near a Floor as Selling Pressure Eases [SMM Analysis] - Shanghai Metals Market (SMM)news.metal.com
- 11Aluminium Premiums Q4 2026: Europe Up, Asia and US Downal-linx.com
- 12If Canadian tariffs lower, it may not matter much for the Midwest premium - Aluminum Market Updatealuminummarketupdate.crugroup.com
- 13Cutting Canada tariffs alone won't flatten US aluminum premium, Alcoa says | Reutersreuters.com
- 14Why Is Alcoa (NYSE:AA) Eyeing a Yarwun Cut While Aluminum Premiums Stay High?kalkinemedia.com
2. Price Chart
Historical Price (Probability)
3. Significant Price Movements
Notable price changes detected in the chart, along with research into what caused each movement.
Outcome: 110¢ or above
📉 October 15, 2026: 88.0pp drop
Price decreased from 91.0% to 3.0%
Outcome: 100¢ or above
📉 October 14, 2026: 81.0pp drop
Price decreased from 90.0% to 9.0%
Outcome: 90¢ or above
📉 October 13, 2026: 81.0pp drop
Price decreased from 90.0% to 9.0%
Outcome: 80¢ or above
📉 October 11, 2026: 12.0pp drop
Price decreased from 90.0% to 78.0%
Outcome: 85¢ or above
📉 October 06, 2026: 86.0pp drop
Price decreased from 86.0% to 0.0%
Sources (18)
- 1Copper price slips on rate hike fears, aluminium extends decline - Mining.com.aumining.com.au
- 2US September CPI Beats Expectations, Metals Fall Across the Board; LME Aluminum, LME Tin, Coking Coal and Coke Lead Declines, Silver Futures Plunge [Overnight Market] - Shanghai Metals Market (SMM)news.metal.com
- 3Industrial Metals Overnight Brief October 15, 2026 | LME Rout Pushes Aluminum Below $3,000 and Lithium Toward 100,000 Yuan, While Escondida Deal Mutes the Strike Bid and ICSG's 96kt 2026 Surplus Caps Copper · NightIndexchase-dream.cn
- 4Aluminum Midwest premium average in November 2026… | Frenzy Capitalfrenzycap.com
- 5Aluminum Midwest premium average in November 2026 Odds & Predictionskalshi.com
- 6Aluminum Midwest premium average in November 2026: Odds & Chart | 4Search Finance4search.com
- 7LME three-month aluminum fell below $3,000 per tonne for the first time since February.FXBus - Real-Time Financial Newsfxbus.com
- 8Aluminum Prices Erase War Premium as LME Stocks Hit Century Low - Article | Crux Investorcruxinvestor.com
- 9Copper price falls; aluminium price hits lowest this year - Mining.com.aumining.com.au
- 10[Japanese Aluminum Buyers Agree to Q4 Premium of Approximately $255 Per Ton] ⑴ Five sources involved in pricing negotiations stated that Japanese aluminum buyers have agreed to pay global producers a premium of approximately $255 per ton for Q4 (October to December) shipments, a decrease of about 35% from the previous quarter. ⑵ This premium is a CIF premium based on the spot LME price. ⑶ Data shows that the premium is expected to be approximately $195 in Q1 2026, approximately $350-$353 in Q2, approximately $395 in Q3, and approximately $255 in Q4. ⑷ In comparison, the premium is expected to be approximately $86 in Q4 2025 and approximately $175 in Q4 2024. ⑸ The decline in the Q4 premium reflects changes in supply and demand and negotiating power between quarters. ⑹ Going forward, attention should be paid to global aluminum market supply and demand, LME price trends, and the progress of premium negotiations in the next quarter.FXBus - Real-Time Financial Newsfxbus.com
- 11Japan Q4 Aluminium Premium Settles at USD 255/t, Marking a 35% Q… | DYAXdyax.io
- 12Aluminum and Copper Lower; AI Selloff Reduces Risk Appetite | Aegis Market Insightsaegis-hedging.com
- 13Copper and aluminium drop as AI selloff saps appetite for risk - Moneywebmoneyweb.co.za
- 14Will the aluminum Midwest premium be at least 90¢/lb?… | Frenzy Capitalfrenzycap.com
- 15Aluminum premium slips as U.S. set to cut tariffs on Canada metal | Financial Postfinancialpost.com
- 16All eyes on ‘high stakes’ North America trade talks as US aluminum sector begins Q4hellenicshippingnews.com
- 17Why Is Alcoa (NYSE:AA) Eyeing a Yarwun Cut While Aluminum Premiums Stay High?kalkinemedia.com
- 18Hello commodities people — Part 2!linkedin.com
4. Market Data
Contract Snapshot
This market resolves YES if the Aluminum Midwest premium average for November 2026 is 110¢ or above, and NO if it is below 110¢. The resolution is based on this average premium for the entire month, with the maximum payout date set for November 30, 2026.
Available Contracts
Market options and current pricing
| Outcome bucket | Yes (price) | No (price) | Last trade probability |
|---|---|---|---|
| 80¢ or above | $1.00 | $0.97 | 98% |
| 85¢ or above | $0.96 | $1.00 | 96% |
| 70¢ or above | $1.00 | $0.97 | 92% |
| 75¢ or above | $1.00 | $1.00 | 90% |
| 95¢ or above | $1.00 | $1.00 | 90% |
| 105¢ or above | $1.00 | $0.97 | 14% |
| 100¢ or above | $0.89 | $1.00 | 9% |
| 90¢ or above | $1.00 | $0.97 | 6% |
| 110¢ or above | $0.91 | $0.97 | 3% |
Market Discussion
The market for the November 2026 Aluminum Midwest Premium average implied a central estimate around 89.8¢/lb as of October 15, 2026, a decline from 105.1¢ on October 14 [1][2]. This market indicates a relatively low probability for premiums at or above 105¢/lb (14%) or 110¢/lb (3%) [1][3], contrasting with earlier 2026 reports of the premium exceeding $1/lb in January amid tight supply and tariff uncertainty, and nominal quotes up to $1.106/lb in March [4][5][6][7].
Sources (7)
- 1Aluminum Midwest premium average in November 2026 Odds & Predictionskalshi.com
- 2Aluminum Midwest premium average in November 2026: Odds & Chart | 4Search Finance4search.com
- 3Aluminum Midwest premium average in November 2026? Odds & Prediction Markets | PredictionHeropredictionhero.com
- 4US ALUMINUM: Trade uncertainty, supply tightness push Midwest Premium above $1/lb | S&P Globalspglobal.com
- 5Midwest P1020 market and replacement costs converging - Aluminum Market Updatealuminummarketupdate.crugroup.com
- 6US: Aluminum P1020 Midwest premium riseslinkedin.com
- 7Wrapping up a jam-packed few days in Miami, where my colleagues and I talked all things Midwest Premium at the annual aluminum symposium! | Colleen Fergusonlinkedin.com
5. Trust Index
Order book is critically thin.
Primary risk· Trade quality
Market integrity is low (64), but Integrity averages all three scores, so the other two pull it up. Only a critically low score would cap the total.
Includes the cost to trade: a $1,000 order can't be filled here because the order book is too thin.
Weighted blend with hard caps — a critically weak safety pillar, or a severe trading anomaly, caps the total regardless of the rest. Full methodology · About the Trust Index
6. What potential changes to US aluminum import tariffs, particularly for European or Middle Eastern suppliers, could materialize before the November 2026 settlement?
| US Aluminum Import Policy | Tighter Section 232 treatment, effective through December 31, 2027 (June 2026 proclamation) [1][2][3] |
|---|---|
| EU Aluminum Tariff Floor | 15% combined floor for European Union products (June 2026 proclamation) [1] |
| Middle East Tariff Change | No pending October-November 2026 tariff change identified [4][5][6] |
Sources (10)
- 1Further Adjusting the Tariff Regimes for Imports of Aluminum, Steel, and Copper into the United States – The White Housewhitehouse.gov
- 2Strengthening Actions Taken to Adjust Imports of Aluminum, Steel, and Copper Into the United States – The White Housewhitehouse.gov
- 3Further Strengthening Actions Taken to Adjust Imports of Aluminum into the United States – The White Housewhitehouse.gov
- 4Adjusting Imports of Aluminum into The United States – The White Housewhitehouse.gov
- 5United Arab Emirates | United States Trade Representativeustr.gov
- 6Certain Measures on Steel and Aluminum Products | United States Trade Representativeustr.gov
- 7Joint Statement on a United States-European Union Framework on an Agreement on Reciprocal, Fair, and Balanced Trade – The White Housewhitehouse.gov
- 8Joint US-EU Statement on Trade in Steel and Aluminum | United States Trade Representativeustr.gov
- 9Presidential Tariff Actions | United States Trade Representativeustr.gov
- 10Aluminum Midwest premium average in November 2026? Odds & Prediction Markets | PredictionHeropredictionhero.com
7. How do Q4 2026 forecasts for the Aluminum Midwest Premium from leading commodity analysts like CRU, Wells Fargo, and SMM align with the current market-implied range?
| Analyst/Spot Assessment Range | 100-110¢/lb, with downside risk toward 90s [1][2][3] |
|---|---|
| Prediction Market Median | Approximately 90¢/lb [1][2][3] |
| Latest SMM Spot Premium | 105¢/lb (October 9, 2026) [3] |
Sources (6)
- 1Aluminum Midwest premium average in November 2026 Odds & Predictionskalshi.com
- 2Aluminum Midwest premium average in November 2026 - Kalshi Odds | CoinRithmcoinrithm.com
- 3Primary Aluminum Premiums Outside China Near a Floor as Selling Pressure Eases [SMM Analysis] - Shanghai Metals Market (SMM)news.metal.com
- 4If Canadian tariffs lower, it may not matter much for the Midwest premium - Aluminum Market Updatealuminummarketupdate.crugroup.com
- 5Midwest Premium - Aluminum Market Updatealuminummarketupdate.crugroup.com
- 6Aluminum Midwest premium average in November 2026: Odds & Chart | 4Search Finance4search.com
8. How do the landed costs and available volumes of aluminum from Canadian producers like Rio Tinto and Alcoa compare to those from Middle Eastern suppliers for Q4 2026 US delivery?
| Canadian Cost Advantage | Expected for US delivery compared to Middle Eastern suppliers [1] |
|---|---|
| Middle East Disruption | Estimated 2.4-million-tonne disruption impacting spot availability [2] |
| Global Aluminum Deficit (2026 Outlook) | 1.9 million tonnes [2] |
9. What is the precise calculation methodology and data release schedule for the CME Group's Aluminum Midwest Premium (AUP) November 2026 contract settlement?
| Settlement Calculation | Average of all available S&P Global Platts Aluminum MW U.S. Transaction Premium price assessments published during November 2026 [1][2] |
|---|---|
| Contract Quoting | U.S. dollars per pound [1][2] |
| Settlement Data Availability | Daily, on CME websites around midnight Central Time [3][4][5] |
Sources (5)
- 1https://www.cmegroup.com/education/files/aluminum-mw-us-transaction-premium-platts-25mt-futures-aup.pdfcmegroup.com
- 2Product Suitecmegroup.com
- 3About Settlementscmegroup.com
- 4Access to CME Group Settlement Data FAQ - CME Groupcmegroup.com
- 5Daily Settlement Time Details - CME Group Client Systems Wiki - Confluencecmegroup.com
10. What do Q3 2026 earnings reports from major aluminum consumers like Ford, General Motors, and Ball Corporation indicate about their inventory levels and expected Q4 demand?
| Ford Q3 Earnings Release | October 28, 2026 [1] |
|---|---|
| Ball Corp Q3 Earnings Release | November 3, 2026 [2] |
| GM Q3 Quarter-End Inventory | approximately 568,000 vehicles [3] |
Sources (8)
- 1Ford Motor Company - Ford Motor Company Third Quarter 2026 Earningsshareholder.ford.com
- 2Ball to Announce Third Quarter Earnings on November 3, 2026:: Ball Corporation (BALL)investors.ball.com
- 3A winning portfolio getting strongerinvestor.gm.com
- 4Ball Reports Third Quarter 2025 Results:: Ball Corporation (BALL)investors.ball.com
- 5Aluminum Midwest premium average in November 2026 Odds & Predictionskalshi.com
- 6Aluminum Midwest premium average in November 2026: Odds & Chart | 4Search Finance4search.com
- 7Aluminum Midwest premium average in November 2026 - Kalshi Odds | CoinRithmcoinrithm.com
- 8Monthly Commodities Markets Commodities Odds & Predictions 2026kalshi.com
11. What Could Change the Odds
Key Catalysts
Key Dates & Catalysts
- Expiration: December 07, 2026
- Closes: November 30, 2026
Sources (11)
- 1Aluminum Midwest premium average in November 2026 Odds & Predictionskalshi.com
- 2Will the aluminum Midwest premium be at least 90¢/lb?… | Frenzy Capitalfrenzycap.com
- 3Will the aluminum Midwest premium be at least 85¢/lb?… | Frenzy Capitalfrenzycap.com
- 4Will the aluminum Midwest premium be at least 80¢/lb?… | Frenzy Capitalfrenzycap.com
- 52026 Q4 Aluminum Alloy Pricing Trends: LME Signals, Midwest Premium, and Strategic Procurement Guide - Huaxiao-alloyhuaxiao-alloy.com
- 6Cutting Canada tariffs alone won't flatten US aluminum premium, Alcoa says | Reutersreuters.com
- 7US aluminium market will remain tight despite latest tariff changes | articles | ING THINKthink.ing.com
- 8AMU Survey: Respondents expect Midwest premium to climb in November - Aluminum Market Updatealuminummarketupdate.crugroup.com
- 9If Canadian tariffs lower, it may not matter much for the Midwest premium - Aluminum Market Updatealuminummarketupdate.crugroup.com
- 10US aluminium consumers pay the spiralling cost of tariffs | Reutersreuters.com
- 11Mineral Commodity Summaries 2026pubs.usgs.gov