Aluminum futures in the UK jumped above $3,280 per tonne, hitting its highest level since April 2022, driven by tightening global supply. Output from China, the world’s biggest aluminum maker, rose to a record 45.02 million tons in 2025, exceeding slightly the government’s 45-million-ton cap aimed at curbing structural oversupply. With China reaching its capacity limit, traders are concerned over how quickly producers elsewhere can boost production to meet rising demand, particularly from the energy transition. Supply pressures have been compounded by production disruptions at major smelters in Iceland, Mozambique, and Australia, further limiting near-term availability in the market. Additional support came from a weaker US dollar, which makes greenback-priced commodities cheaper for buyers holding other currencies.
