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Aluminum surges to 7-week high
Aluminum prices rose to a seven-week high after the Norwegian Hydro ASA announced a 50% reduction in production at the Alunorte refinery in Brazil due to disruptions in natural gas supplies. This move increased supply pressures and reduced inventories to their lowest levels since November 1990. Political tensions and declining supplies from the Middle East region also supported prices, with forecasts suggesting the global metal supply deficit could exceed 900,000 tons if restrictions continue. As for copper prices, they remained steady at $14,195.50 per ton, despite shipping disruptions from Indonesia caused by technical issues, reflecting the impact of supply pressures on global markets.
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