Aluminum prices touched 3 3,000 for the first time in 13 years

LONDON: Aluminum prices have jumped to સપાટી 2,000 a tonne in global markets for the first time in 17 years, thanks to a supply disruption and a steady rise in demand.

Metal commodities are showing strong strength during the epidemic. The metal strengthened on Monday after gaining 15% in the last three weeks.

In China, measures to reduce carbon emissions and save electricity have reduced metal production, while a rebellion in bauxite-producing Guinea has raised concerns about the supply of materials used in aluminum production. Smelters in the European Union are also facing rising costs at record heights with both carbon credits and power inputs, Goldman Sachs Group Inc. said.

The policy risk for aluminum supplies is growing in China and the European Union. The recent uprising in Guinea does not appear to have directly affected bauxite, but there are concerns that regional tensions will hamper transportation.

On Monday, aluminum futures on the London Metal Exchange rose 4.5% to 4,000 a tonne, the highest intraday level since 2009. In London, China, the metal's futures jumped 4.5% to 8,050 yuan per tonne, the highest price since 2009.

Experts say the supply industry will continue to be affected during the rest of the current year and for most of 203. These problems can take up to five years to resolve. Energy-intensive metals have risen nearly two-thirds in the past year. Stricter government measures to curb metal production aimed at reducing emissions in China could push up prices of cement, steel and aluminum.