Aluminum prices are now at their highest level since 2008, as concerns about reduced supply combined with declining stocks increase the metal’s market volume.
In particular, the price of aluminum on the London Stock Exchange (LME) is at 3,237 dollars per ton, showing an increase of 3.4%.
According to Reuters, light metal has risen 15% in 2022, followed by a 42% jump in 2021, as China, which accounts for more than half of global supply, cut production for environmental reasons.
“In the run-up to the Beijing Olympics, there has been a sharp decline in aluminum production aimed at improving air quality,” said Nitesh Shah, an analyst at WisdomTree, predicting that growing demand will push prices even higher in the long run.
At the same time, stockpiles of aluminum in LME-listed warehouses have fallen to their lowest level since 2007, at 767,700 tonnes from two million tonnes last March.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
