I t lacks the effervescence of copper and the geopolitical allure of rare earths – yet aluminum is the metal of the moment. Key to modern life and everywhere in the global economy, it’s entering a make-or-break phase: Either the world is sleepwalking into a supply crisis or further into the hands of China. Or, more worryingly, both. The background is unsettling: Aluminum is trading at a three-year high, near $2,900 per metric ton. Although still far from the record, the current price is historically elevated, in the 5% top end of the 1990 to 2025 price range(1). Look at annual averages, and this year is heading to the fourth-highest ever.

With political leaders’ attention firmly on copper and the likes of germanium and rare earths, aluminum hardly attracts headlines. Still, it’s truly cr

See Full Page