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A new report by Bloomberg says aluminum prices have hit a ten-year high as demand surges while supplies are coming under constraint.

Leading the constraint side is an aluminum pullback in China. The nation produces almost two-thirds of the world’s aluminum, but a new crackdown on pollution has particularly impacted the aluminum industry, which has a huge carbon footprint. The warm-season bump in demand for power has also reduced aluminum output.

Bloomberg notes that while aluminum output reeled when the Covid-19 pandemic was in its early stages, it has since accelerated once more in response to consumer demand and overall economic recovery. Going forward, Bloomberg says strong demand for electric vehicles and renewable resources should keep aluminum demand strong, while anti-pollution initiatives will likely contribute to ending a long period of aluminum oversupply.

You can read the Bloomberg article here.

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