The Chinese company also cited higher costs for raw materials such as lithium carbonate for the price increase.

Aluminum rose as much as 2.8% to $3,049 on the London Metal Exchange Monday, the highest since July 2008.

Bank of America said $20,000 could be possible if major supply-side issues arose simultaneously.

Floods have closed 60 of the 682 coal mines in Shanxi province, which has produced 30% of China’s supply of the fuel this year.

Iron ore has suddenly gone from commodity laggard to a top performer.

In August, Chinese gold and copper miner Zijin said its plan on lithium and other new energy minerals were in a preliminary strategic planning stage.

The global cobalt industry is set to receive a significant boost from the worldwide shift to a green economy, Fitch says.

Dalian iron ore scaled one-month high on China demand optimism.