The aluminium market appears to be contravening some of the most basic principles of economics. Prices have risen 30 per cent this year, a gravity-defying recovery in the face of falling demand and a growing supply surplus.
Klaus Kleinfeld, chief executive of Alcoa, the US aluminium producer, recently warned that global consumption would decline 7 per cent this year.
But while there have been sharp falls in demand in the recession-hit aerospace and construction industries, aluminium prices at the London Metal Exchange have surged beyond the $2,000 a tonne mark – and last week hit $2,115, the highest level since November.
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