It hit a fresh year-to-date high of $2,080 per tonne on December 2, 12% higher than the start of November when the price was just $1,844.50 per tonne and up 46% from the 2020 low of $1,424.50 per tonne in April.
The recent November rally was the first time the LME three-month price surpassed the $2,000-per-tonne mark since September 2018.
“We expect the uptrend momentum in LME aluminium is likely to continue
in the final month of the year on the upbeat market sentiment following the United States presidential election and positive vaccine trial results,” Fastmarkets analysts said.
Successful vaccine news and a weak dollar index throughout November boosted the entire LME complex, with the US dollar index most recently at 91.32 from 94.33 at the beginning of November.
“No one expected aluminium to hit $2,000 per tonne this year. Especially not...