The three-month LME aluminum price hiked by 0.6% to US$3,286 on February 10, hitting the highest since July 2008.
Aluminum prices have risen for five consecutive days as the COVID-19 epidemic in Baise City, Guangxi affected the aluminum supply chain. Approximately 2.2 million tons of alumina production capacity in Baise City was reduced due to the epidemic control measures.
LME aluminum prices have gone up by 16% in total this year, becoming a base metal with the biggest price increase over the past six months.
Owing to power restrictions in China and Europe, the supply has been interrupted. However, the global transition to green energy and the monetary policy in China are supporting the demand outlook.
