Aluminum futures have been trading around $1,980 per tonne since November 17th, close to levels not seen since November 2018 as strong demand from China offset a rise in production. To shore up economic growth in the wake of COVID-19 related disruptions many counties including top costumer China have introduced fiscal stimulus measures focusing on boosting the construction and manufacturing sector. Meanwhile, recent figures from the International Aluminum Institute showed global production rose 3.5% from a month earlier in October.
Historically, Aluminum reached an all time high of 3271.25 in July of 2008. Aluminum - data, forecasts, historical chart - was last updated on November of 2020.
Aluminum is expected to trade at 1956.49 USD/Tonne by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1836.39 in 12 months time.