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Aluminum targets $3,229

Aluminum prices are on the rise and look set to soar back up to the October peaks. The metal is currently trading at $3,191, and the next upside target is $3,229.

The world is closely watching disruptions in the supply of aluminum from China to Europe. Pauses in deliveries complicate the already tense situation with the supply of aluminum as the market looks jittery, with prices moving even higher.

One challenge is the recent Covid outbreak in Guangxi province, China, which substantially worsened supply conditions for the metal. Europe suffers from the lack of stability in the supply of aluminum, while continuing to struggle with the consequences of overly expensive energy sources for its production.

Under such conditions, aluminum will continue to trend higher among other industrial metals.

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