LME aluminum price hits 3-year high last week
The three-month futures price of aluminum on the London Metal Exchange (LME) hiked by US$51 in total last week, with an increase of 2.25% in a single week. The cumulative aluminum price has risen by roughly 15% so far, and the price on the 16th hit the highest since June 2018.
According to market participants, due to concerns about RUSAL’s supply, which might be affected by sanctions on Russia, as well as worries about China’s possible aluminum production reduction to curb carbon emissions, aluminum prices got higher accordingly.
Meanwhile, LME’s market inventory of aluminum dropped by 5,075 tons to 1,824,250 tons. Market participants expected that the aluminum price will move stably in recent days.
