The prices of aluminum They reached their highest level since 2008 on Tuesday and were close to their historical maximum, due to the confinement of the Chinese city of Baise that affected the supply.
As reported by the Bloomberg portal, the price of aluminum rose to $3,236 a ton on Tuesday, approaching its all-time high of $3,380 in July 2008.
“The rise in prices is mainly due to supply concerns,” Daniel Briesemann, an analyst at Commerzbank, told AFP.
The city of Baise, with a population of 3.5 million inhabitants in the Guangxi region, in southern China, was placed in quarantine after the appearance of several cases of COVID-19.
Since Sunday night, residents are prohibited from leaving the town and those who live in so-called risk areas (where cases have been discovered) cannot leave their homes, the city council announced.
Guangxi is China’s third-largest aluminum-producing region, according to brokerage Marex, with 80% of the region’s production capacity concentrated in Baise. According to Commerzbank, Baise had an aluminum production capacity of 1.7m tonnes/year.
Source: Larepublica
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