Soaring aluminium hits $3,000 for first time in 13 years

"The market is obviously a bit over-extended here," said Gianclaudio Torlizzi at consultants T-Commodity. But he said prices would likely rise after a correction thanks to the Chinese output cuts, a rapid increase in the price of alumina, from which aluminium is made, dwindling exchange stockpiles and strong demand. (File pic shows aluminium stocks at Port Klang)

LONDON: Aluminium prices touched US$3,000 a tonne for the first time since 2008 on Monday as restrictions on output in China, the biggest producer, fuelled fears that supply will run short.

Prices of the lightweight metal used in packaging and construction have leaped 50% this year and nearly 15% in only three weeks as speculators pile into the market.