Aluminum Rises to 3-Year High
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Aluminum futures in the UK reached $2,815 per tonne in October, marking a three-year high due to tight supply conditions. China's aluminum output cap of 45 million tons is expected to be breached, while Beijing has reduced its annual output growth target for base metals to 1.5%. Supply issues are compounded by the suspension of a potline at Iceland's Grundartangi smelter and Alcoa's closure of its Kwinana alumina refinery in Australia. Consequently, primary aluminum stocks at the LME have decreased by nearly 25% to 484,000 tonnes.
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