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As Trump Threatens to Block Strait of Hormuz, Aluminum Prices Surge to 4-Yr New High
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After US President Donald Trump threatened to block the Strait of Hormuz, threatening cargo transportation, aluminum prices surged to a four-year new high, with aluminum price on the London Metal Exchange (LME) jumping up 2% at one point. The Middle East accounts for about 9% of global total aluminum output. Emirates Global Aluminium PJSC, the largest aluminum producer at the region, has suspended deliveries of certain aluminum products after one of its smelters was attacked by Iran earlier this month, leading to a production halt. The LME's aluminum spot-futures spread widened sharply. The price gap between the spot contract and 3-month delivery contract soared 37% from last Friday (10th) to US$91.5 per tonne, logging a new high since 2007, indicating growing demand from buyers for spot delivery. Auto-translated by AI AASTOCKS Financial News |
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