Aluminum futures were trading around the $2,500-per-tonne level, a level not seen since July of 2021 amid muted demand and soaring production. Concerns about slowing global growth coupled with high levels of inflation and skyrocketing borrowing costs dented demand from the construction sector, particularly from top consumer China, where persistent coronavirus outbreaks continued to hit economic activity. On top of that, China’s monthly aluminum production reached another record high in May amid an easing in power consumption curbs. Meanwhile, aluminum smelters in Europe continued to curtail production due to high energy costs exacerbated by the Russian invasion of Ukraine. Historically, Aluminum reached an all time high of 4103 in March of 2022. Aluminum futures are mostly traded on the London Metal Exchange (LME), the New York Mercantile Exchange (COMEX) and the Shanghai Futures Exchange. The standard future contract size is 5 tons. Aluminum is used widely in aerospace applications, packaging, automobiles and railroad cars and as a construction material. The biggest producers of aluminum are: The Aluminum Corporation of China (Chalco), Alcoa and Alumina Ltd, Rio Tinto from Australia, UC Rusal of Russia, Xinfa from China, Norsk Hydro ASA from Norway and South 32 from Australia. China accounts for nearly 60 percent of global aluminum output. The biggest resources of bauxites, the raw material for aluminum are located in Australia, China and Guinea. The Aluminum prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our aluminum prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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