Aluminium Hits $3,707.50 Four-Year High as U.S.-Iran Strikes Stoke 9% Supply Risk
Updated
Updated · Reuters · Jun 1
Aluminium Hits $3,707.50 Four-Year High as U.S.-Iran Strikes Stoke 9% Supply Risk
6 articles · Updated · Reuters · Jun 1
$3,707.50 a ton marked aluminium's highest level since March 2022 before LME prices settled at $3,685, up 0.5% on Monday.
U.S.-Iran military strikes intensified fears around the Middle East, which holds 9% of global aluminium smelting capacity, while Strait of Hormuz disruption restricted metal exports and raw-material imports.
A severe nearby squeeze reinforced the rally: cash aluminium's premium over the three-month contract jumped above $100 a ton on Friday, the highest in 19 years.
Analysts already expect a large aluminium deficit this year, with some estimates topping 2 million tons, while stronger Chinese manufacturing also supported industrial metals broadly.
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