Aluminum Jumps To 23-Month High Amid Ongoing Aussie Production Issues [zero hedge]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: zero hedge
Aluminum Jumps To 23-Month High Amid Ongoing Aussie Production Issues From coffee to cocoa, orange juice to gold, and silver to copper, commodity prices are spiking across the board (we outlined this on Monday). The latest surge occurred Tuesday when aluminum tagged 23-month highs due to ongoing production issues emerging from Australia. The broad-based commodity rally signals the inflation storm central bankers are battling is not over. Rio Tinto, one of the largest aluminum producers, declared force majeure on third-party contracts for exporting alumina from its refineries in Queensland, Australia. This is due to a broken natural gas pipeline operated by Queensland Gas Pipeline. A spokesperson for the company told Dow Jones that NatGas supplies will return to capacity at a much later date than previously anticipated: "The pipeline operator's current estimate [is] for a return to normal levels in the second half of 2024. "Until then, Yarwun and QAL [Queensland Alumina Limited] will c
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