Aluminum prices are rising on Monday on information about 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 a maximum 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 operates one of the world's largest aluminum smelters, said it was assessing the damage from Saturday's Iranian strikes on its plant. In addition, leading Middle Eastern aluminum producer Emirates Global Aluminum reported significant damage to production facilities as a result of Iranian missile and drone attacks on the Khalifa Economic Zone in Abu Dhabi. Producers in the Gulf countries, which account for about 9% of global supply, have lost the ability to supply metal through the Strait of Hormuz. In these conditions, Alba has already begun to reduce production, and damage to its plant could 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.
