Aluminium hits record high of $3,420/tonne

Aluminium prices are trading at an all-time high of USD 3420 per tonne. Last time aluminium prices witnessed an all-time high was in 2008 at USD 3380 per tonne.

At the start of the year 2022, most of the people did say that aluminium could hit all-time highs and set the target at USD 3800-4000 per tonne on the higher side. That is perhaps where the aluminium prices are headed right now.

The strength comes in because there is fear of escalations and further sanctions on Russia from US, UK, Germany and European Union (EU).

Russia produces 6 percent of world’s aluminum and it was in 2018 when there were sanctions on Rusal and that time in two days, aluminium prices had gained up by 35 percent.