Iran's attacks on aluminum producers are sending 'shockwaves' through the metals market

Orientul Mijlociu

Aluminum closed in on prices not seen since 2022 following Iranian attacks on two Middle Eastern producers over the weekend, heightening fears of a supply crisis for the industry. Futures prices on the London Metal Exchange initially jumped 5.5% on Monday to briefly touch $3,492 per tonne, a price last seen in April 2022. It pulled back slightly by Monday afternoon to land 3.5% higher at $3,381 per tonne. Aluminum has risen around 10% since the conflict began on Feb. 28, though it fell briefly