LME aluminum prices rise back on rising concerns about supply shortages
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Update time : 2022-03-24 20:38:07
The London Metal Exchange (LME) aluminum price rose to US$3,531.5/ton by 0704 GMT on Wednesday (March 23), an increase of 0.8%. Meanwhile, Shanghai aluminum price was also up by 0.3% to RMB 23,085/ton.
The rebound in aluminum futures was due to exacerbated Russia-Ukraine war, which aroused market concerns about shortages in the supply, thereby upholding the market.
ANZ reported that Australia’s ban on alumina exports to Russia might have an impact on aluminum production because around 20% of Russia’s demand for alumina relies on Australia’s supply.
