Aluminum Hits Highest Since 2008 on LME, Closes In on a Record
- Goldman predicts ‘melt-up’ in prices with rally up to $4,000
- Global market for metal in widest backwardation since 2018
This article is for subscribers only.
Aluminum surged to a 13-year high in London as booming demand and a swath of smelter closures from China to Europe bring the risk of shortages of the crucial industrial metal.
Prices rose as much as 3.3% to $3,236 a ton on the London Metal Exchange, surpassing a peak in October to reach the highest since 2008. Aluminum is the best performer on the LME this year, and the next target for bullish investors who’ve been drawn into the rapidly tightening market is an all-time high above $3,380.