Iran's attacks on aluminum producers are sending 'shockwaves' through the metals market

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Aluminum closed in on prices not seen since 2022 following Iranian attacks on two Middle Eastern producers over the weekend, heightening fears of a supply crisis for the industry.

Futures prices on the London Metal Exchange initially jumped 5.5% on Monday to briefly touch $3,492 per tonne, a price last seen in April 2022.

It pulled back slightly by Monday afternoon to land 3.5% higher at $3,381 per tonne. Aluminum has risen around 10% since the conflict began on Feb. 28, though it fell briefly last week alongside most other asset classes amid fears of a global recession.

Emirates Global Aluminium (EGA) and Aluminium Bahrain