Aluminum price exceeded $ 3100 per ton for the first time since July 2008

by time news

The price of aluminum on the London Metal Exchange (LME) exceeded $ 3100 per ton, follows from the data of the site.

During trading on Tuesday, the price of the futures rose at its peak to $ 3112.5 per ton, at 18:30 Moscow time it slightly corrected to $ 3090. This is a record since July 2008.

The day before, the price of an aluminum futures broke through the $ 3100 mark. The cost of the metal has been growing since April 2020, but a sharp jump took place in September this year after the coup in Guinea, which ranks first in the world in terms of bauxite reserves with 20% of world production.

Experts also associate the rise in the cost of aluminum with a shortage of thermal coal in China due to stricter regulation of carbon emissions and high demand from industry, as well as a general increase in energy prices (the extraction of aluminum from bauxite is a very energy-intensive process that requires a large amount of electricity).

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