Aluminum prices reach 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 added to existing pressure on already strained supply and pushed prices up to $3,373 per ton on the London Metal Exchange (+1.7%). The cut comes amid severe disruptions in the aluminum market, caused by declining flows from the Middle East and reduced hopes of accelerating production through the Strait of Hormuz due to stalled negotiations. These factors have supported metal prices in the short term. Additionally, aluminum inventories in warehouses dropped to their lowest level since November 1990, despite available supplies from China and Indonesia. Reports indicate that ongoing shipping restrictions could increase the annual global supply shortfall by more than 900,000 tons. In contrast, copper prices remained steady at $14,195.50 per ton, as delays in shipments from Indonesia—due to processing plant operational disruptions—added complexity to international supply chains.
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