Aluminum prices are rising on Monday on information about the Iranian attacks on the enterprises of the largest Middle Eastern metal producers.
Aluminum futures for delivery in three months on the London Metal Exchange (LME), as of 11:10 a.m., are trading at $3,432.5 per ton. Earlier, during trading, the price rose to its highest since March 19, $3,492 per ton, approaching a four-year high of $3,546.5 per ton. ($3,578.82) per ton.
Last Sunday, Aluminum Bahrain (Alba), which runs one of the world's largest aluminum plants, said it was assessing the damage caused by Saturday's Iranian strikes on its plant. In addition, Emirates Global Aluminum, the leading Middle Eastern aluminum producer, reported significant damage to production facilities as a result of Iran's missile and drone attacks on the Khalifa Economic Zone in Abu Dhabi. Producers from the Persian Gulf countries, which account for about 9% of global supply, have lost the opportunity to supply metal through the Strait of Hormuz. Under these conditions, Alba has already begun to reduce production, and damage to its enterprise may worsen the situation, experts say. prices.
For a more detailed overview of global aluminum production – 1970-2024, see the video on the Experts Club YouTube channel.
