Aluminum prices soaring toward all-time high reached during 2008 financial crisis
The cost of aluminum on Friday exceeded $3,200 per ton for the first time since 2008, trading data shows. In October alone, the price of the metal – used in everything from soft drink cans to microchips – gained 12%.
As of 13:00 GMT, the cost of aluminum futures with delivery in three months grew by 2.9% to $3,209 per ton on the London Metal Exchange (LME). Earlier in the day, the figure had reached as much as $3,214 per ton.Also on rt.com Exports of Russian aluminum see tenfold surge in July
The spike in the cost of the metal propelled growth in the stock prices of aluminum producers. Shares of En+ Group, which owns a controlling stake in Russia’s aluminum giant Rusal, grew by 1.4% to 9,958 rubles ($140) per share on the Moscow Exchange. On the Hong Kong Stock Exchange, Rusal shares soared 6.35% to 8.71 Hong Kong dollars ($1.12), reaching their peak since August 2011.
The price of the metal has been rising steadily for the past nine months. Overall, aluminum prices have jumped more than 60% since January, when the metal traded at around $2,000 per ton.Also on rt.com Russia’s Rusal shares jump to 10-year high on Hong Kong exchange
Market analysts attribute the rise in the cost of aluminum to a shortage of thermal coal in China and a general increase in energy prices, which could result in a decline in aluminum production.
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