highest prices of aluminum in 9 years

China has temporarily ordered a reduction in aluminum extraction. This has led to concerns about supply, which has led to a rise in aluminum prices. Currently, the price of the product has risen to the highest level in nine and a half years. News Reuters.

In the first quarter of the year (January-March), in order to meet the local demand, some places in the city of Baotou in the Inner Mongolia of China have been ordered to stop lifting. In that case, CRU analyst One Ling thinks that the annual production of aluminum will decrease by one lakh tons.

Aluminum is currently the most traded stock on the Shanghai Futures Exchange under the April supply agreement. According to the agreement, the current price of industrial metal rose by 2.6 percent to 2,766.15 dollars per tonne, the highest since 2011. However, after that the price has decreased by zero point six percent to 17 thousand 630 dollars per ton. At the London Metal Exchange (LME), the stock rose 0.4 percent to 2,227.

Sunbd/NJ