Aluminum price on course for 10% weekly drop; Alcoa -8% this week

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Aluminum prices in London are higher Friday but down 10% this week in volatile commodity market trading, according to Reuters, after uncertainty about exports from Russia pushed prices to record highs.

London Metal Exchange benchmark aluminum recently was (LMAHDS03:COM) +1.4% at $3,474/metric ton after jumping from $3,300 on February 23 to more than $4K on Monday and then going full circle to $3,300 on Wednesday; the metal is up nearly 25% YTD after surging 42$ in 2021.

Alcoa (NYSE:AA) shares gained 4.3% on Thursday but have lost 8% so far this week; other relevant tickers include CENX, ARNC, CSTM, KALU, JJC

Stocks of aluminum in LME-registered warehouses have fallen to 756K tons from nearly 2M tons a year earlier.

Among other metals in LME trading, copper (HG1:COM) +1.2% at $10,233/ton but down 4% for the week, zinc (LMZSDS03:COM) -0.7% to $3,835 but down 5% this week, lead (LL1:COM) +0.9% to $2,377 but 4% lower on the week, and tin (LMSNDS03:COM) -0.3% to $43,600 and down 8% so far this week.

The London Metal Exchange will keep its nickel market closed at least until next week after the contract skyrocketed.