LME three-month aluminum traded at $2,500 a tonne, not far from a 10-year high of $2,558 touched on July 2nd, supported by tight global supply and continued robust demand from the automotive, packaging, and construction sectors. Demand for the metal used in cars and planes has bounced back strongly from the coronavirus-induced blow, with global aluminum consumption seen rising 8% to around 69 million this year. Still, China’s plans to continue releasing industrial metals from its reserves amid efforts to ease commodity price hikes and cost pressure on firms, concerns over the spread of the delta variant, and a surging dollar limited upside momentum in the near term.
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 2598.51 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 2892.61 in 12 months time.