Global aluminium prices continue their sharp growth

Foto: RTE

Global aluminium prices continue their growth, due to deepening of energy crisis and maintaining global uncertainty.

 

A couple of days ago prices exceeded $ 3000 per ton for the first time since July 28, 2008, follows from the data of the London Metal Exchange (LME).

 

The price of aluminum began to rise in April 2020, with a sharp jump occurred last month due to  a coup in Guinea (West Africa), which accounts for about 20% of the world's bauxite supply. As Reuters reported, fears of a decrease in aluminum production in China became an additional driver of the growth of the cost of the metal.

 

So far, aluminum prices has surged to 2008 levels as the deepening energy crisis leads to a reduction in the supply of this metal.

 

 

Analysts expects prices will continue to grow and could reach $ 3400 per ton in the next 12 months.

 

By: Eugene Gerden