Tight supply, strong demand and escalating tensions in Ukraine have pushed the price of aluminium to its highest level since the global financial crisis, further fuelling inflationary pressures.
The lightweight metal, used in everything from electric vehicles to beer cans, rose as much as 3.3 per cent to a 13-year high of $3,236 a tonne on Tuesday before easing back to $3,187.
Aluminum and other important raw materials, including crude oil, natural gas and nickel, have charged out of the blocks this year. Supply has struggled to keep pace with demand as the world emerges from the coronavirus pandemic.
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