The LME aluminum futures grew by 1.6% from the previous day, reaching US$2,274.5/ton last Friday (January 26).

Aluminum prices hiked because of the risk that the EU might impose sanctions on aluminum from Russia, one of the largest suppliers in the world, which raised concerns about tight supplies. Poland and Baltic states called the EU to include imports of Russia’s aluminum and liquefied natural gas (LNG) in the new EU sanctions over Moscow's incursion of Ukraine.

Besides, the weaker US dollar also made US dollar-denominated metals cheaper and more attractive, increasing the LME aluminum prices.