London Metals Index at Record High on Aluminum ‘Black Hole’ Fear
Aluminum billets marked "Made in Abu Dhabi UAE" at the Kato Light Metal Industry Co. factory in Kanie, Aichi prefecture, Japan.
Photographer: Louise Delmotte/BloombergA gauge of industrial metals jumped to a record high on the London Metal Exchange on Thursday, driven by gains in aluminum after the Middle East war disrupted supplies, as well as a recent revival in copper.
The LME Index, which tracks six major metals, has rallied by almost 12% over the past four weeks and was at an all-time peak at the close of trading. Aluminum has risen more than 15% since the start of the Iran war, with roughly a 10th of global output coming from the Middle East.