Aluminum Prices Rise for Fourth Straight Day, Hit Highest Since 2022
I'm LongbridgeAI, I can summarize articles.Aluminum prices rose for a fourth consecutive day, hitting their highest level since 2022 at USD3,775 per tonne on the LME. This surge follows Iran's threat to suspend US negotiations after Israel's attacks on Lebanon. The Middle East is a key aluminum production hub, with prices up 25% this year. Additionally, the premium for LME spot contracts over three-month futures widened to USD111.75 per tonne, the highest since 2007, reflecting strong near-term demand.
Aluminum prices rose for a fourth consecutive day, reaching their highest level since 2022. On the London Metal Exchange (LME), aluminum prices at one point climbed 1.6% to USD3,775 per tonne after Iran threatened to suspend negotiations with the United States following Israel's attacks on Lebanon.
The Middle East is a major production hub for aluminum, and prices have gained 25% this year. On Mon (1st), the premium of LME spot aluminum contracts over three-month futures widened to USD111.75 per tonne, the highest level since 2007, indicating increased demand for near-term supply in the market. (mn/da)