In Thursday's trading, the price rose 3 percent to $3,546.50 per ton, the highest level since March 2022, when Russia's attack on Ukraine drove up prices.
The price is being pushed up this time by the threat of major supply disruptions for producers in Ukraine, which accounts for 9 percent of global aluminum production.
A large smelter in Qatar has already reduced production, while deliveries of inputs and finished aluminum have been stuck in the Persian Gulf as a result of Iran's attacks on civilian ships in the region.
Analysts at Fitch Solutions expect the price to rise further, to $3,700 per ton.
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