According to the report from the US consultancy Harbor Intelligence, the collapse in the crude oil prices had a negative impact on aluminum prices and significantly increased the likelihood that London Metal Exchange (LME) aluminum would hit US$1,550/ton very soon.
The sharp drop in oil prices would devalue currencies of emerging markets and strengthened dollars at the same time, which would have a negative impact on the cost competitiveness of US aluminum smelters.
If the oil prices fell to around US$28/barrel, LME aluminum prices might fall to US$1,430/ton, potentially forcing most US aluminum smelters to shut down.
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