NEW YORK ( TheStreet) -- Aluminum exchange-traded funds appear to be on the way, and their introduction could give aluminum prices a boost.Historically, the launch of a metal ETFs has had a positive effect on the price of the metal it tracks. For example, the Palladium ETF, ETFS Physical Palladium Shares ( PALL), was launched on Jan. 18. Palladium prices gained 20% in the two weeks before the ETF's listing and 10% in the week following it. News reports suggest an aluminum ETF could be launched soon. Oleg Deripaska, the CEO of UC Rusal, the world's largest aluminum producer, said last week that his company likely would supply aluminum for an exchange-traded fund to be launched this month, although he declined to say what company would launch the fund. Back in April, Deripaska said three aluminum ETFs were "technically" ready to be offered to investors. And on June 22, Greg Wittbecker, director of material management with Alcoa ( AA) told Reuters that the moves by some of Wall Street's top banks into the physical aluminum market hinted at the creation of an ETF. An example of such a move is Goldman Sachs' ( GS) acquisition in February of London Metal Exchange warehousing company Metro International Trade Services. Lastly, Credit Suisse ( CS) and Glencore International are reportedly planning to launch an aluminum ETF. The launch of an aluminum ETF could assuage investor worries about the metal as falling prices have forced producers worldwide to close smelters. Nevertheless, some analysts reckon that aluminum prices may gain as much as $500, implying a 25% increase over current levels. UC Rusal foresees aluminum prices at $2,400 per ton by the end of this year owing to robust demand growth. The introduction of an aluminum ETF would not only give investors a way to bet on the metal, it would help companies hedge against risks such as currency fluctuations and energy prices.