Aluminum prices soar to highest level since 2022
Aluminum just hit $3,499.50 per ton, the highest since 2022, after an almost 10% gain last week.
The surge is tied to the Iran-Israel conflict, which has disrupted shipments from the Persian Gulf, a region that supplies nearly one in 10 tons of the world's aluminum.
With tensions still high, traders are on edge about more possible supply shocks.
Traders are on edge about more possible supply shocks
With deliveries from Qatar and Bahrain on pause, US buyers are now turning to Asia for aluminum.
The instability isn't just about metals: crude oil prices also shot up 20% on Monday as markets worry about how long this will last and what it means for the global economy.
Analyst Gao Yin notes that if the conflict drags on, supply issues could get even worse, so many investors are doubling down on aluminum while backing off other metals.