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Aluminum Price Spikes to ~4Yrs High as Mideast Smelters Halt Supply
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Amid mounting tensions in the Middle East, aluminum price spiked to a nearly four-year high owing to disruptions in aluminum shipments wrought by the Persian Gulf conflict. The region accounts for approximately 9% of global aluminum supply, and traders are embattling for potential further transportation disruptions woe. Aluminum price on the London Metal Exchange (LME) hiked by as much as 1.6% to USD3,499.5 per ton, marking the highest level since April 2022. With at least two major smelters in the Middle East forced to halt supply, U.S. metal buyers are scrambling to seek alternative sources from Asia. CHALCO (02600.HK) opened flat today (9th) and last posted at HKD13.59, down 0.59%, with a turnover of 24.572 million shares, involving HKD332 million. AASTOCKS Financial News Website: www.aastocks.com |
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