Goldman Sachs cut its aluminum price forecast, citing a faster-than-expected supply recovery in the Middle East. The bank now expects the global aluminum market to post a deficit of 100,000 metric tons in 2026, down sharply from its previous forecast of 720,000 tons, while raising its 2027 surplus estimate to around 1.5 million tons from 590,000 tons. Reflecting the weaker outlook, Goldman lowered its fourth-quarter 2026 LME aluminum forecast to $2,950 a ton from $3,200 and cut its 2027 average price forecast to $2,700 from $2,950. The bank expects inventories to rebuild through 2027, allowing smelter margins to normalize from recent elevated levels. In early European trading, three-month LME aluminum futures are up 1% at $3,121.50 a ton. (giulia.petroni@wsj.com)