Aluminium prices on the London Metal Exchange soared to a ten-year high on Thursday April 12, while the market continues to react to recent US sanctions against Rusal.
The three-month aluminium price reached a high of $2,331 per tonne throughout the day, the highest since March 5, 2012. The light metal climbed a further 2% despite reaching a low of $2,202.50 earlier in the day following a 100,000 tonne delivery into LME-listed warehouses in Europe."I think the recent activity could be a game changer for aluminium. We were predicting lower prices, and saw the aluminium market as ample supplied - right until last week. We now have to rethink our entire forecast for aluminium," Daniel Briesmann, analyst at Commerzbank, told Metal Bulletin.The metal's cash/three-month spread is still volatile, moving from $11 per tonne backwardation earlier today to $52b per tone at the close. Aluminium volumes remained high but closed...