Home / Markets / Commodities / Aluminium touches three-month high after Norsk Hydro cyber attack

Aluminium touches three-month high after Norsk Hydro cyber attack

The trigger was the news from Hydro about their production problems after the cyber attack

premium

The project between Nalco and Almex is envisaged to have an annual production capacity of 60,000 tonnes

1 min read Last Updated : Mar 20 2019 | 12:42 AM IST

Aluminium touched a three-month peak on Tuesday after major producer Norsk Hydro was hit by a cyber attack, causing its giant smelters to switch to manual operation and some extrusion plants to

be shut.

“The trigger was the news from Hydro about their production problems after the cyber attack, and since aluminium is the metal with the biggest short position, there was probably short covering taking place," said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan.

Benchmark aluminium on the London Metal Exchange hit a high of $1,944 a tonne, the strongest since December 18, before paring gains to trade at $1,934, up 0.7 per cent, in official open outcry trading.