Aluminum Hits Record High

July 10, 2008
China's top 20 aluminum smelters announced they would cut production 5%-10%.

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

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!