Aluminium price surge to 2008 peak on supply woes | Malay Mail

LONDON, Feb 8 — Aluminium surged today to a 14-year peak on stretched global supplies, particularly after China placed the city of Baise — a key producer of the base metal — in Covid lockdown.

The market later pulled back somewhat to US$3,223, which was some distance from the record pinnacle of US$3,380.15 struck in July 11 of that year. “In China, another city of several million inhabitants was placed in quarantine on the weekend after new Covid cases were detected there.” City Index analyst Fiona Cincotta added that simmering Russia-Ukraine geopolitical tensions were fuelling gains across commodities.

“Aluminium is finding itself caught up in the delicate geopolitical situation for two main reasons,” noted Cincotta.

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