Aluminum prices soared to a 13-year high
Aluminum on Monday rose to its highest price in in the past 13 years to $3,000 a tonne on the London Metal Exchange. metal exchange. The surge in prices is due to players' fears about a drop in supply from China. The reason is the reason is the restrictions on the production of aluminum in this country, which occupies the leading position in this field. leading position in this area. Over the past three weeks, the metal rose in price by 15%, contributed to this by speculators. Since the beginning of the year its price has risen by 50% since the beginning of the year. In addition to the reduction of production in China, The prices are being pushed up by the appreciation of alumina, which is used as raw material in this process, commented the situation managing director of the consulting company T-Commodity Gianclaudio Torlizzi. The global demand for aluminum, meanwhile, At the same time, stocks at exchanges are decreasing. The expert admits probability of correction in aluminum market in The expert admits that there is a possibility of a correction in the aluminum market in the near future.