Economics

Aluminum Set for Best Week in Three Decades

Rusal said to declare force majeure on some shipments
Midwest premiums climb by the most on record, Harbor says

Bloomberg Intelligence Commodity Strategist Mike McGlone discusses the factors behind the rise in aluminum prices.(Source: Bloomberg)

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By Luzi-Ann Javier

April 12, 2018 at 3:46 PM UTC

Updated on

April 12, 2018 at 11:00 PM UTC

This article is for subscribers only.

Aluminum prices are heading for the best week in at least three decades as U.S. sanctions on Russian producer United Co. Rusal send buyers scrambling to find supplies.

Prices of the metal climbed to the highest since 2012 Thursday, helping push this week’s gain to almost 14 percent, the most in Bloomberg records going back to June 1987. The U.S. premium, or the amount added to the London Metal Exchange price of aluminum to ship metal to the Midwest, jumped by the most on record.