Since the economic recovery, the price surge has not spared almost all commodities. Last Monday, aluminum reached the $3,000 a ton mark on the London industrial metals market. This is the highest peak since 2008. For nickel, the ore records a historic price level since 2014 with 20,700 dollars per ton.
An imbalance on the world market
After the 2020 health crisis, economic activities are making a « comeback » at the global level. As a result, aluminum and nickel prices surpassed record levels as the week progressed. On the London metals market, prices for these ores reached $3,000 and $20,700 per ton respectively.
This increase is due to the imbalance in the world market. The world production does not meet the needs of consumers, precisely a growing demand and an insufficient supply. The reason for this lack of supply is the recent coup in Guinea. This African country is the world’s second largest producer of bauxite. At the same time, the Chinese supply is decreasing due to the control of electricity consumption and the regression of the production of aluminum smelters.
On September 10, gold prices fell to $1,796.54 an ounce from $1,827.74 the week before.
Ny Fenitra S.M
Photo credit : Aluminium Futur 960