Aluminum futures were trading around 2,600 USD/T in January, a level not seen since June 2022, and are up more than 9% since the beginning of 2023 on prospects of more robust demand and fears of supply shortages. China has been taking significant steps to boost its economy and end the strict coronavirus-induced regime, lifting the outlook for metal demand and overshadowing global recession concerns. On the supply side, several output cuts at key European smelters last year due to a surge in electricity prices, including Alcoa's San Ciprian smelter and Hydro's plant in Slovakia, lent further optimism to bulls. Global inventories now stand at just 1.4 million tons, down 900,000 tons from a year ago and the lowest since 2002. Aluminum hit an all-time high of around 4,100 USD/T in March 2022 in the aftermath of Russia's invasion of Ukraine.
Historically, Aluminum reached an all time high of 4103 in March of 2022. Aluminum - data, forecasts, historical chart - was last updated on January of 2023.
Aluminum is expected to trade at 2558.17 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 2362.20 in 12 months time.