Aluminium hits four-year high on Middle East supply risks
Benchmark aluminium reached 3,707.50 dollars a ton on the London Metal Exchange as military strikes in the Middle East restricted regional exports. Analysts project a market deficit exceeding 2 million tons this year while Chinese manufacturing activity continues to expand for a sixth month.
Aluminium prices reached a four-year high of $3,707.50 per ton on June 1 as Middle East supply risks escalated. Prices rose 0.5% after the United States and Iran traded military strikes. The Middle East houses 9% of global smelting capacity, and supply disruptions could trigger a 2-million-ton market deficit.
Benchmark aluminium on the London Metal Exchange traded at $3,685 in midday rings. The metal touched $3,707.50 in the morning, matching a peak from May 26.
