Industrial

Aluminum · Spot History

USD per metric ton · monthly · Quotes delayed up to 5 minutes

aluminumindustrial-demandtime-series

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Absolute values (dollar price)

Percentage change from start of period

Logarithmic scale — shows proportional changes equally

50-day Simple Moving Average — short-term trend

200-day Simple Moving Average — long-term trend

Relative Strength Index (14-period) — overbought above 70, oversold below 30

Moving Average Convergence Divergence (12/26/9) — trend & momentum signal

Aluminum’s price history on the LME. Aluminum is among the most energy-intensive metals to produce, which makes its price highly sensitive to electricity costs — particularly natural gas prices in Europe and coal prices in China, the world’s dominant aluminum producer. The chart is a useful reference for understanding the energy-cost transmission into industrial production costs.

Analyst's Note

Aluminum’s price decoupled from copper during the 2022–2023 European energy crisis, when European smelters were forced to curtail production due to natural gas costs. The relationship between aluminum and energy is more direct than for any other base metal. For the analytical investor, aluminum is best read as a proxy for energy-intensive manufacturing competitiveness and as a derivative play on the natural gas market in the relevant producing regions. Aluminum:copper ratios can also signal the relative attractiveness of energy-intensive versus electrically-intensive manufacturing.

Aluminum’s price history on the LME. Aluminum is among the most energy-intensive metals to produce, which makes its price highly sensitive to electricity costs — particularly natural gas prices in Europe and coal prices in China, the world’s dominant aluminum producer. The chart is a useful reference for understanding the energy-cost transmission into industrial production costs.

Analyst's Note

Aluminum’s price decoupled from copper during the 2022–2023 European energy crisis, when European smelters were forced to curtail production due to natural gas costs. The relationship between aluminum and energy is more direct than for any other base metal. For the analytical investor, aluminum is best read as a proxy for energy-intensive manufacturing competitiveness and as a derivative play on the natural gas market in the relevant producing regions. Aluminum:copper ratios can also signal the relative attractiveness of energy-intensive versus electrically-intensive manufacturing.

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