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LME aluminum hits highest since Sept 2008

Reports from Reuters: Three month aluminum CMAL3 hit the highest since September 2008 at USD 2,656 per tonne as Middle East unrest fuelled expectations of rising costs for producers of the power intensive metal.

Aluminum on the London Metal Exchange traded at USD 2,649.25 at 1550 GMT up from a close of USD 2,615.

Athough, Japan doesn't mean anything for aluminum production per say the whole nuclear story in Japan points towards rising energy costs worldwide and aluminum is most exposed to that of all of the base metals”; Mr Stephen Briggs analyst of BNP Paribas commented. Further Mr. Briggs added that "Aluminum is the only metal that is produced in any quantity in the MENA region”.