Aluminium sanctions convulse market as rally to $3,000 forecast

Prices of alumina, the semi-processed material used to make aluminum, are rocketing

Aluminum surged to a six-year high as the impact of US sanctions against United Co. Rusal continued to reverberate through the global market more than a week after they were announced, with buyers rushing to secure supplies amid forecasts that the price may hit $3,000 a metric ton.

The metal, used to make everything from cans and cars to airplanes, reversed an early drop to gain as much as 1.5 percent to $2,435 a ton on the London Metal Exchange, the highest intraday price since September 2011. It traded at $2,429 at 7:52 a.m. in London, extending Monday’s 5 percent