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LME aluminum reached the highest level since 2008 due to the increasing demand and lots of smelter shutdown from China to Europe which created the risk of industrial metal shortages.
In addition, aluminum market prices kept shooting up due to simultaneous deficits in both China and ex-China drawing on a low inventory. The European energy crisis and the restricting supplies in China kept going on. The global aluminum market prices have increased by 13% in London this year.
Key raw materials from nickel to crude oil kept increasing as well due to the rapidly increasing consumption from the pandemic.
Goldman Sachs Group even increased its 12-month target on aluminum to a record US$4,000/ton due to supply disruptions caused by power rationing in China and Europe''s high market demand.
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