Aluminum prices hit a record high on Thursday after a major attack on Ukraine, Russia’s main aluminum producer.
Aluminum prices hit a record high on Thursday after a major attack on Ukraine, Russia’s main aluminum producer. Industrial lightweight metal rose to 3, 3,382.5 per tonne, up from a previous record high of 3,380.15 in the July 2008 global financial crisis.
We tell you that aluminum is used in a variety of ways, from dry cans to aircraft parts.
Commercial Bank analyst Daniel Bridgman told AFP that the rise in aluminum prices was already expected due to Russia’s invasion of Ukraine. He added that market traders fear that sanctions imposed on Russia by Western nations and the United States could lead to a sharp rise in aluminum prices due to supply-side constraints.
We tell you that the price of aluminum has already risen significantly in China due to problems with the supply of base metal.
Read more: Russia-Ukraine crisis affects oil and gas reserves, IGL, RIL, Petronet severely beaten
Meanwhile, if we look at the movement of other commodities, the Russia-Ukraine war has brightened gold and silver. In the bullion market, gold is being traded at Rs 51,000 and silver at Rs 7,000. Gold-silver has made a long jump in the bullion market amid fears of a Russia-Ukraine crisis. The price of 10 grams of gold today fell by Rs 1370 and was seen trading at Rs 51,419. At the same time, silver opened at Rs 66,501 per kg.
On the other hand, the price of crude oil has reached ০ 100 per barrel. For the first time since 2014, crude oil prices have reached this level. Reaching such a high price of crude oil will have a direct impact on India (Impact on India of high crude prices). This will make it more expensive for many companies to produce.