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The price of aluminium has increased by 15 per cent on the London Metal Exchange (LME) since the beginning of the year.
The current cash price of aluminium is $2,029.55 per tonne, compared with a price of $1,725.93 per tonne in January.
According to Mintec, the price has risen due to aluminium stocks on the LME falling 11 per cent since January to 4.8 million tonnes, “thus reaching a two-year low as a result of high demand”.
It added: “It is estimated that demand in 2014 will exceed supplies by 1.8 million tonnes, mainly driven by increased car sales in the US, which have reached an eight-year high.”
Car manufacturers use the metal to produce lighter and more economically friendly vehicles.