Aluminum futures traded around the $2,180 region at the beginning of March, after a 9.4% advance in February to its highest level since October 2018 at $2,218/tonne. Aluminum prices remain almost 50% 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. Recent data from the International Aluminum Institute showed aluminum production in January grew 4.3% from a year earlier, with Chinese output accounting for almost 60% of the total production.
Historically, Aluminum reached an all time high of 3271.25 in July of 2008. Aluminum - data, forecasts, historical chart - was last updated on March of 2021.
Aluminum is expected to trade at 2138.60 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 2007.33 in 12 months time.