Aluminum prices break records due to market shortages

Aluminum prices are at their highest level in 13 years since the beginning of the week. Yesterday they broke Tuesday's record - $3236 per ton, having added 2.33% during the day and closed at $3300. Aluminum has been showing positive dynamics since the beginning of the year - so far its price on London Metal Exchange has grown by 13%. This is due to the fact that the supply of this metal is limited, while the demand for it is quite high after the last year's lockdowns. Consumers and exchange players alike are agreeing to spend large sums on forward deliveries. Goldman Sachs warns that global stocks of the metal could be depleted by next year. The reasons are as follows - on the one hand the popularity and production of electric cars is growing, which spurs demand for aluminum, on the other - Europe's energy crisis and China's limited energy consumption.