Aluminum futures recovered to near $2,500 per tonne, not far from a near-decade high of $2,558 touched on July 2nd amid a tight global market. Demand for the metal used in cars and planes snapped back strongly from the Covid blow, with global aluminum consumption seen rising 8% to around 69 million this year, while supplies have been hit by China's efforts to cut carbon emissions. In addition, plans by Russia to impose taxes on exports of aluminum fueled a surge in spot market costs for consumers in Europe and the United States.
Historically, Aluminum reached an all time high of 3271.25 in July of 2008. Aluminum - data, forecasts, historical chart - was last updated on July of 2021.
Aluminum is expected to trade at 2585.10 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 2872.86 in 12 months time.