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Aluminum prices hit 13-year high amid power shortage in China

Costly freight due to COVID entry restrictions push commodities costs higher

TOKYO -- Aluminum prices are hovering at a 13-year high as China, the world's biggest manufacturer of the base metal, reins in production to meet carbon emissions targets amid tight electricity supplies and high freight costs.

Aluminum was trading at around $2,827 a ton on the London Metal Exchange as of Tuesday, up 43% from the start of the year, after hitting a 13-year-high of $2,916 on Sept. 10. Last year, early in the pandemic, aluminum hit a five-year low of $1,429 a ton.

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