Century Aluminum's stock surged 14.28% during intraday trading on Monday, leading a rally among U.S. aluminum producers.
The sharp increase was driven by a significant rise in aluminum prices, which hit four-year highs on the London Metal Exchange. Benchmark aluminum prices rose approximately 4.7% to $3,453 per metric ton amid growing supply disruption fears in the Middle East.
The price spike followed Iranian missile and drone attacks over the weekend that caused significant damage to the Al Taweelah production site of Emirates Global Aluminium in the United Arab Emirates. With Gulf-based aluminum producers accounting for about 9% of global supply and unable to ship material through the Strait of Hormuz, traders anticipated higher metal prices would benefit U.S. producers like Century Aluminum.
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