Aluminum prices on Tuesday reached a new high of almost 3.5 years.
The cost of three-month aluminum futures on the LME up to 18:40 CZK increased by 0.6% to $2,893.5 per ton, and during the session reached a maximum of $2,900.3 per ton since May 2022.
Prices rise by amid tight supply in the short term and a positive demand outlook in the long term, Trading Economics said.
China, one of the world's leading aluminum producers, has reiterated its commitment to avoiding overproduction in an industry where fierce competition has pushed down producer prices.
The country's aluminum production limit is 45 million tonnes a year and is expected to be exceeded this year.
Supply pressure is also causing problems at key plants, including the shutdown of one of two electrolysis batches.
