Aluminum Prices Post Largest Weekly Gain in Three Decades

Prices of aluminum reached their highest point since 2012 on Thursday as US sanctions against Russian supplier United Co. Rusal put a ripple in supply. After the LME and CME Group’s Comex noted the refusal of aluminum deliveries from Rusal – the largest aluminum producer outside of China – Rusal was forced to declare force majeure on shipments of alumina, a key input in the production of aluminum. 

​Prices gained nearly 14% on the week, the best weekly gain since June 1987, according to Bloomberg. The US premium, or the surplus added to the London Metal Exchange’s price for aluminum shipped to the Midwest, jumped to an all-time high.