Although analysts and investors expected aluminum to gradually keep rising, absolutely no one expected the shocking increase in aluminum price — trading on the LME today, it nearly doubled to $4,927 per ton, a record high by a mile.
MetalMiner sources had a hard time determining the exact factor(s) for the spike, but what we’re finding is that the metal is experiencing unprecedented demand due to global turmoil and unrest. Alcoa, for example, will certainly have to raise their prices again — quite a bit, indeed — after already raising their prices in March.
Aluminum is not the only metal making huge waves; copper is up a whopping 27 percent, and nickel and zinc both posted huge price gains.
More on these astronomical increases and the developing causes here.