Three-month futures for aluminum on the London Metal Exchange (LME) on September 14 fell by more than $ 130 to $ 2867 per ton after a jump to a maximum in 13 years, which was recorded a day earlier, according to trading data at 15.30 Moscow time. Metal quotes on the Shanghai Stock Exchange also went down: since September 13, the price of aluminum has dropped by more than $ 200 to $ 3419 per ton.
The price of aluminum on the market began to rise in April 2020, but in early September 2021 there was a sharp jump. It happened against the backdrop of a coup in Guinea (West Africa), which accounts for about 20% of the world’s bauxite (aluminum ore) supply. On September 6, three-month futures on the LME rose to a maximum since May 2011 – $ 2,764 per ton, and on September 10, their quotes increased to $ 2,924 per ton. On September 13, during trading, the price reached $ 3,000 per ton (maximum since 2008) , according to data from Refinitiv. An additional driver of price growth was the fear of a decrease in aluminum production in China, Reuters reported.