Aluminum futures extended gains to trade around $2,400 per tonne for the first time since April 2018 on strong demand and growing expectations that China’s supply will be limited due to carbon emission targets. The Chinese city of Baotou in Inner Mongolia shut down 34 ferroalloy companies and some captive power plants as part of a series of measures to meet its energy consumption targets for the first quarter, which could curb aluminum production by around 100,000 tonnes on an annual basis. Aluminum prices are more than 60% higher than a 4-year low of $1,462 hit last May driven by a recovery in demand particularly in the automotive, packaging and construction sectors from the Covid-19 hit.
Historically, Aluminum reached an all time high of 3271.25 in July of 2008. Aluminum - data, forecasts, historical chart - was last updated on April of 2021.
Aluminum is expected to trade at 2368.93 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 2223.52 in 12 months time.