Supply worries drive aluminum to highest level in more than four years
Aluminum prices have surged to their highest levels in over four years, driven by supply concerns and rising alumina prices. The London Metal Exchange reported a 1.4 percent increase in three-month aluminum prices, reaching $3,698.50. Factors contributing to this rise include reduced supply from Gulf producers and potential export quotas from Guinea, the leading bauxite producer.
- ▪Aluminum prices reached $3,698.50, the highest since March 2022.
- ▪Concerns about bauxite supply from Guinea are influencing alumina futures.
- ▪The Middle East conflict has caused significant aluminum supply disruptions, according to analysts.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountAluminum prices hit their highest in more than four years on Tuesday, as rising prices for the feedstock alumina added to persistent concerns about a tightening market amid reduced supply from Gulf producers.Three-month aluminum on the London Metal Exchange rose 1.4 per cent to US$3,698.50 after hitting US$3,707.50, the highest since March 24, 2022.The metal’s record high of US$4,073.50 was on March 7, 2022, when markets were grappling with the immediate fallout of Russia’s invasion of Ukraine.Providing support to aluminum on Tuesday was a 5 per cent rise in September alumina futures on the Shanghai Futures Exchange, which advanced to their highest since early May due to worries about supplies of raw material…
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