As expected, a very volatile month lies behind us. After the price slump in October, the LME aluminum quotation found support at USD 2,550 per ton in November. In the course of the month, the aluminum 3-month contact traded in a range of USD 2,510 per ton to USD 2,747 per ton.

The price losses of the energy-intensive light metal were associated with an easing in the energy market. In addition, declining economic data and rising corona case numbers in China, led to a wave of profit-taking among institutional investors. Detached from the analysts' medium- and long-term forecasts, it is necessary to differentiate between the various aluminum products and their physical availability, especially in the short term.

In September, the aluminum 3-month contract on the London Metal Exchange broke through the USD 3,000/t mark for the first time in 13 years. Over the course of the month, the aluminum price traded in a range of USD 2,661/t to USD 3,000/t.

As in previous months, production restrictions in some Chinese provinces to meet set climate targets had a price-driving effect. In addition to profit-taking by financial market participants, the announcement of the default of the Chinese real estate giant Evergrande caused additional volatility.

Global raw material and energy prices continued to rise in August. The aluminum 3-month contract on the London Metal Exchange rose to a new 10-year high.

During the month, the aluminum price traded in a range of USD 2,516/ton to USD 2,726/ton. On the Shanghai Future Exchange, the aluminum contract even approached a 14-year high. Production cuts in some Chinese regions to meet energy targets continue to fuel price developments despite the release of state reserves.

In July, the aluminum market continued to face a positive market environment. The dominant issues remained the low interest rate policy of the US Federal Reserve (FED), the supply cuts in China and the Russian export tax on aluminum products. Consequently, the aluminum 3-month contract on the London Metal Exchange traded in a range of USD 2,416/t to USD 2,642/t over the course of the month.

The spread of the delta variant of the coronavirus in parts of Europe and Asia caused interim price corrections due to profit-taking. However, as no strict restrictions on economic activities are currently foreseeable, market participants do not expect any change in the bullish price outlook despite the spread of the delta variant.

The month of June was characterized by two major events: Firstly, the interest rate decision of the US Federal Reserve (FED) caused the US dollar to rise significantly against other currencies.

And secondly, Russia announced that it would levy an export tax on aluminum and other metals of 15% from August 1.

In May, too, there was no easing on the commodity markets - the bulls continued to dominate events despite a significant correction in the middle of the month.

The focus last month was particularly on statements by the Chinese government. China signaled that it wanted to take tough action against speculators, who additionally fuel the price development of commodities.