Aluminium prices jump after Gulf attacks

LONDON, Mar 30 (AFP): Aluminium prices climbed around six per cent in early trading on Monday after Iran attacked two major plants in the Gulf that produce the widely used metal, raising concerns over supply disruptions.

Gains later reduced, though prices were still up 4.2 per cent at $3,435 per tonne on the London Metal Exchange.

"Escalation and expansion of the Middle East conflict sent crude oil and aluminium up at the open," noted Ipek Ozkardeskaya, an analyst at Swissquote Bank.

Iran's Revolutionary Guards said they launched missile and drone strikes on aluminium plants in Bahrain and the United Arab Emirates over the weekend, targeting what they described as industries linked to the US military.

The war that began on February 28 with US-Israeli attacks on Iran has widened throughout the region, sending world energy markets into a tailspin and threatening to torpedo the global economy.