The aluminum price at the London Metal Exchange (LME) was US$2,840/ton on December 23 at 1707 GMT, which hiked by 0.6% compared to the previous trading day. The price had hit US$2,849/ton on Wednesday, reaching the two-year high.
The increase in aluminum prices was due to soaring energy prices which triggered concerns about increased production costs and smelters’ production suspension.
The possible recovery from the market risk is also supporting the metal prices as investors hoped that the impact on the economy caused by the Omicron variant will be less than previous worries.
LME aluminum price hits 2-year high due to soaring energy prices
27 Dec 2021 16:46 reported by Joy Liu
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