Over the past four weeks, an index tracking prices of almost six% of non-ferrous metals, Bloomberg.
Aluminum has increased in price by more than 15% over the period outlined, as the Middle East accounts for about 10% of global production of this metal. Copper rose in price by 11%. The share of these two metals in the index is about 75%.
Analysts at JPMorgan Chase have warned that the global aluminum industry is heading for a "black hole" and a prolonged, tangible shortage of supplies of this metal after Iran attacked two large aluminum plants in the UAE and Bahrain last month. Supplies are also hampered by the blockade of the Strait of Hormuz.
Metals are mostly cheaper on Friday on expectations of a settlement of the Middle East conflict. Prices for aluminum and copper are falling by 0.4%.
