Aluminum

Aluminum futures extended their decline to under $2,250 per tonne, falling sharply from the eight-month high of $2,387 touched on December 27th amid expectations of ample supplies for key input materials. An explosion in a fuel depot in Guinea, which is the world’s third-largest export of bauxite, a key input for aluminum production, halted industrial activity and triggered a late-year surge in aluminum prices. Still, prices have since retreated at the turn of the year as reports of strong investments from the UAE in Guinean bauxite infrastructure calmed the market’s previous concerns over a supply crisis. In the meantime, demand continued to be underpinned by bets that economic stimulus measures from the Chinese government will support manufacturing activity in the world’s top aluminum consumer. Per the latest measures, the PBoC extended CNY 350 billion to state banks, including the China Construction Bank, before the banks signaled it may cut reserve requirements.

Aluminum decreased 151.50 USD/Tonne or 6.35% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Aluminum reached an all time high of 4103 in March of 2022. Aluminum - data, forecasts, historical chart - was last updated on January 12 of 2024.

Aluminum decreased 151.50 USD/Tonne or 6.35% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Aluminum is expected to trade at 2426.12 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 2549.02 in 12 months time.