BUSINESS

Aluminum Prices Land Nine-Year High

Aluminum prices on the London Metal Exchange reached a nine-year high May 10 when it reached $2,565 per metric ton. 

Since then, prices dropped below the $2,500 per metric ton mark, averaging $2,434 throughout May.

Aluminum futures were trading around the $2,470 per ton level in June, not far from a three-year high of $2,548 mark in April, with markets basking in the glow of tightening stocks and continued robust demand from the automotive, packaging, and construction sectors.

Supply continues to remain quite scarce as mills have been struggling to find labor and transportation at a time when global aluminum consumption is seen rising 8% to around 69 million this year.

Readers Bureau, Contributor

Edited by Jesus Chan

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