The three-month futures price of aluminum on the London Metal Exchange (LME) had an increase of 2.2%, reaching US$2,725/ton at 1100 GMT last Friday, which hit a new high since November 26.
The increase came after China’s alumina production dropped by 4.5% year on year in the previous month, hitting the lowest level in 18 months, which showed a tight supply of aluminum owing to electricity shortages.
China is currently aiming to restrict power consumption and production in energy-intensive industries, including alumina refining and aluminum smelting, in order to curb its carbon emissions.
LME aluminum price hits new high since Nov 26
20 Dec 2021 16:13 reported by Joy Liu
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