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Shanghai aluminum prices climbed to their highest level in more than 13 years on Monday, fuelled by supply concerns in China, the world’s biggest consumer of the metal.
The most-traded October aluminum contract on the Shanghai Futures Exchange rose as much as 4.6 percent to 23,650 yuan ($3,665.87) a ton.
Three-month aluminum on the London Metal Exchange hit its highest since July 2008 at $2,980 a ton.
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Output curbs in China, the world’s biggest aluminum producer, and political turmoil in Guinea – China’s top source of bauxite – have boosted aluminum prices by around 50 percent so far this year.
