By 1558 GMT on Monday, the benchmark aluminum on the London Metal Exchange (LME) reached US$2,917/ton, hiking by 2.1%, moving towards the highest level since July 2008.
Such performance of aluminum prices was driven by strong demand and severe shortages caused by China’s production restrictions on industries with high pollution, including aluminum smelting, to restrain electricity use and carbon emissions.
China’s power shortage worried market participants about slower growth and demand. The government has been concentrating upon the restriction on energy-intensive industries so as to diminish the impact on households.
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