The price of aluminum rose to a record peak of $3,380 per ton on July 9 after Chinese moves to cut production, analysts said. That beat the previous all-time high of $3,327 that was hit on July 8 in trading on the London Metal Exchange.
"Aluminum has hit a record high ... following an announcement that China's top 20 aluminum smelters are to cut production by 5%-10% from this month," Barclays Capital analysts wrote in a note to clients on July 10. "Tight power supplies and high energy prices ... constrain output growth across the globe and particularly in China."
They added that this was "the catalyst for a tighter market and much higher prices."
Aluminum has enjoyed a historic run this week to smash the old record of $3,255 that was set on March 6.
Copyright Agence France-Presse, 2008