Industrial metals
Aluminium trading: power costs, warehouses and premia
Aluminium is smelted with large amounts of electricity, so power costs sit in the supply curve. Exchange warehouse stocks and the premium a buyer pays for physical metal are related and not the same number.
Market overview
Demand comes from transport, packaging and construction. Supply can be curtailed when power is expensive or unavailable, which is a different shock from a mine outage.
The LME aluminium contract is the main listed reference. Regional premia are how physical buyers express location and shape. A futures price does not include that premium.
What tends to move it
Power prices
Smelting is an electricity business.
Industrial demand
Transport and construction orders.
Trade measures
Tariffs and sanctions change where metal can go.
Warehouse rules
How metal enters and leaves the exchange system affects visible stocks.
Ways to take the exposure
These are different legal positions. A platform may offer one and not the others. Nothing here is available in every country.
LME aluminium futures
The exchange contract. Terms are on the LME page.
Physical metal
Futures price plus a regional premium, plus logistics.
Producer shares
A smelter’s power deal and its balance sheet.
CFDs
Only where the firm names aluminium. The directory is the evidence used here.
Contract specifications
London Metal Exchange
Contract unit, tick and margin are on the exchange page. They are not reprinted here.
Read the exchange pageIllustrative contract value
What the costs usually are
Futures fees, and separately the physical premium and freight if you want metal rather than price exposure. A CFD does not charge a premium. It charges a spread and financing.
What a headline commission leaves out of the bill separates the commission from the spread, financing and other charges.
Risks that belong to this market
Power shocks
A smelter can shut for electricity reasons while demand is unchanged.
Premium versus flat price
Hedging the LME and ignoring the premium leaves a residual.
Policy
Trade restrictions reroute metal.
Providers in the commodities directory
The rows come from the existing commodities research note. No second provider list was created. No commercial relationship is recorded on these rows, so the button goes to the firm’s own site. This is not a ranking.
Plus500
Named in the research note
Gold, silver, oil, Brent, heating oil, copper, aluminium and other commodity CFDs
Pricing line. Spread/financing-based CFD pricing; regional products differ
Platforms. Proprietary web/mobile
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
AvaTrade
Group listing only
Metals, energy and agricultural commodity CFDs depending entity
Pricing line. Spread-based; product/entity-specific fees
Platforms. WebTrader; AvaTrade app; MT4; MT5; AvaOptions
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
Capital.com
Group listing only
65+ commodity CFDs provider-stated across metals, energy and soft/agricultural markets
Pricing line. Spread-based, no commission on cited CFD proposition; other costs apply
Platforms. Capital.com web/mobile; TradingView; MT4/MT5 on current international page
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
CMC Markets
Group listing only
Commodity CFDs across metals, energy and soft commodities; investing offering differs by region
Pricing line. Spread-based CFD pricing; investing fees region-specific
Platforms. Next Generation; MT4/MT5 in selected regions; mobile/web
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
eToro
Group listing only
Gold, oil, copper and other commodities primarily via CFDs; commodity ETFs can offer non-CFD exposure
Pricing line. Spread/overnight/product-specific fees
Platforms. Web; mobile
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
FOREX.com
Group listing only
A published range includes crude oil, natural gas, corn and metals.
Pricing line. Spread-based commodity CFDs; financing can apply
Platforms. FOREX.com proprietary; TradingView; MT5/MT4 depending region
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
IG
Group listing only
Commodities including metals, energy and other markets mainly through CFDs/spread betting, plus region-specific investing products
Pricing line. Spread/commission by product/entity
Platforms. IG web/mobile; MT4 in selected regions; ProRealTime integrations
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
Interactive Brokers
Group listing only
Energy, metals, agriculture and related commodity products via futures, ETFs/ETPs and metals
Pricing line. Product/exchange commissions + market-data fees; fund/ETF pricing varies
Platforms. Trader Workstation; IBKR Desktop; Client Portal; GlobalTrader; mobile
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
OANDA
Group listing only
Hard and soft commodity CFDs including oil, copper, natural gas, corn plus precious metals
Pricing line. Spread-based commodity/metal CFDs
Platforms. OANDA web/mobile; MT4; MT5; TradingView
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
Pepperstone
Group listing only
40 spot commodity markets across metals, energies and softs on cited UK page
Pricing line. Spread-based; Razor pricing applies to some products
Platforms. Pepperstone platform; MT4; MT5; cTrader; TradingView
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
Saxo
Group listing only
Commodity CFDs, futures, options, spot metals and ETCs across energy, metals and agriculture
Pricing line. Tiered commissions/spreads by product and account tier
Platforms. SaxoInvestor; SaxoTrader; web/mobile
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
Swissquote
Group listing only
Metals, commodity-linked funds/ETPs and derivatives depending account/entity
Pricing line. Product/account-specific fees
Platforms. Swissquote web/mobile; MT4/MT5/CFXD in relevant accounts
Fees that are not in the note are not shown as zero. Eligibility where you live is not confirmed.
Compare selected providers
Select two or three providers. The limit is three.
Calculators
Each tool starts from numbers you type. This page does not send a contract size or a live price into them.
Position size
You type the contract multiplier. This page does not insert one.
OpenFutures margin
Tick value and margin come from the specification you enter.
OpenRisk and reward
A planned payoff. It does not grade the trade.
OpenProfit and loss
A result from prices you type.
OpenStop and target
Distances you choose, not a market order.
OpenTrading journal
A record of trades you enter.
OpenTrading performance
Figures from the journal, not from a feed.
OpenWhat a commission leaves out
How spread, fees and financing sit beside a headline commission.
OpenFlat price and premium
The LME price is a benchmark. A buyer in a particular region pays that benchmark plus a premium for deliverable metal in that place. Funds and CFDs usually deal in the flat price only.
No premium and no lot size are invented on this page.
Questions
Why does electricity matter so much?
Smelting aluminium uses enough power that the local electricity price is a supply factor.
Is US spelling aluminum a different metal?
No. The catalogue treats aluminium and aluminum as the same metal.
Sources and review
Written by: WiT Markets Editorial. Writes and structures WiT Markets pages. Separates a sourced fact from a cell that is Not confirmed.
Review: Editorially reviewed. This is not a qualified specialist review and it is not a legal sign-off.
Last reviewed: . Next review due . The date is an editorial pass. It is not a live check of every third-party fee.
Other sources
- London Metal Exchange — checked 16 October 2026
- WiT Markets methodology — checked 13 October 2026
Methodology. Editorial policy. Corrections. Report an error.