Aluminum Hits 10-Year High as Demand Roars, China Supply Curbed
- China curbing output to conserve electricity and cut emissions
- Goldman, Citi and Trafigura forecast more gains to come
A worker labels rolls of sheet aluminium at the United Co. Rusal aluminium smelting plant in Shelekhov, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Aluminum charged to a 10-year high in London, extending a year-long rebound as demand surges and supply of the usually abundant metal comes under pressure.
Prices rallied as much as 2.9% to $2,726.50 on the London Metal Exchange, hitting the highest since 2011 and moving closer to an all-time high above $3,300 a ton. That’s fueling wider inflation concerns, with Goldman Sachs Group Inc, Citigroup Inc. and Trafigura Group among those forecasting further gains as the industry braces for a potentially seismic shift into deepening deficits.