The demand for new energy vehicles, packaging-used aluminum sheets, and aluminum foil has increased significantly due to the small peak season before the end of the year. However, the continuous rising energy prices in Europe have led to production cuts at aluminum mills. The supply of aluminum ingots became tight, and the inventories continued dropping, which raised LME (London Metal Exchange) aluminum prices.
As of Tuesday (December 21), LME’s aluminum inventory fell by 4,225 tons to 971,600 tons, down by 0.43% from the previous day. LME aluminum futures price hiked by 3.11%, settling at US$2,754/ton.
LME aluminum price rises by 3.11% due to tight supply
23 Dec 2021 16:01 reported by Joy Liu
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