Key Aluminum Spread In London Hits Biggest Backwardation Since 2007
Key Aluminum Spread In London Hits Biggest Backwardation Since 2007 Aluminum futures in London surged to a four-year high on Monday as President Trump's Strait of Hormuz blockade, set to take effect this morning, threatened to deepen supply chain disruptions across the Gulf region. On top of that, the Gulf's largest aluminum producer declared force majeure on parts of its contract book over the weekend. Aluminum climbed 1.4% to $3,547 per ton on the London Metal Exchange as traders...
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