Aluminum at highest in more than 4 years amid Trump's naval blockade of Iran
Business
Aluminum prices just hit their highest level in more than four years, up 1.7% to $3,534 per ton, thanks to ongoing tensions in the Strait of Hormuz.
With President Trump holding firm on a naval blockade of Iran, global supply chains are feeling the squeeze, and industries that rely on aluminum are taking a hit.
JPMorgan warns aluminum could hit $4,000/ton
Experts like Greg Shearer from JPMorgan warn that prices could climb even higher, possibly reaching $4,000 per ton before things settle down.
Meanwhile, copper prices are steady (thanks to China's pre-holiday stock-up), and the US economy is still growing at 2%, but these Middle East issues could cause more headaches for global trade soon.