Aluminium price hits record high on Ukraine attack
Business
The base metal was already trading at elevated levels owing to stretched global supplies
LONDON (AFP) - Aluminium on Thursday hit a record-high price after key producer Russia launched a military attack on neighbouring Ukraine.
The industrial lightweight metal jumped as high as $3,382.50 per tonne, beating the previous peak of $3,380.15 reached in July 2008 during the global financial crisis.
Aluminium, used in a variety of items including drinks cans and aircraft components, later pulled back to $3,372.50 per tonne on the London Metal Exchange.
"The rise of the aluminium price was to be expected once Russia attacked Ukraine," Commerzbank analyst Daniel Briesemann told AFP.
"Market participants clearly fear that aluminium supply from Russia will be affected in case of severe sanctions by the West and -- probably -- retaliatory measures by Russia."
The base metal was already trading at elevated levels owing to stretched global supplies of the base metal, particularly from China.
