Aluminum spikes as tariff uncertainties loom
- Aluminum was up 3.23% Thursday morning as US and Chinese trade officials are headed into talks in Beijing.
- The metal has been climbing on the back of tariff uncertainties on multiple fronts.
- Follow aluminum prices in real time here.
Aluminum surged more than 3% Thursday as members of the Trump administration headed into trade talks with Chinese trade officials.
The metal was trading up 3.23% to $2,333 at 9:30 a.m. ET. Prices fell earlier this week on the back of news that the US will extend steel and aluminum tariff exemptions to six US allies for another 30 days.
Chinese President Xi Jinping's economic adviser, Vice Premier Liu He, is meeting with White House trade officials in Beijing on Thursday and Friday. Some are worried the meetings could ratchet up tensions even further, possibly advancing the hundreds of billions of dollars in tariffs that the world's largest economies have threatened to impose on one another.
Aluminum has been rallying in recent months, as supply concerns mount on multiple fronts.
Prices of the metal hit a seven-year high earlier in April after the Trump administration announced economic penalties on dozens of individuals and companies with ties to the Kremlin. Among those hit was aluminum giant Rusal Co., the second-largest supplier.
Tariff uncertainties will likely keep propping prices up for the next few months, according to analysts at BMI research.
"Planned US sanctions on Russian producer UC Rusal will lead to continued volatility over the coming weeks," they said.
