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Aluminium price hits record high on Ukraine attack

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.

February 24, 2022 / 01:16 PM IST
Representative image

Representative image

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.

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"The rise of the aluminium price was to be expected once Russia attacked Ukraine," Commerzbank analyst Daniel Briesemann told AFP.

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"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.



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