Aluminum Rises to 3-Year High

2025-10-08 09:41 By Andre Joaquim 1 min. read

Aluminum futures rose past $2,780 per tonne in October, the highest in over three years, amid tight supply and bullish bets on longer-term demand.

Chinese authorities cut their annual output growth target for base metals to an average of 1.5% annually for 2025 and 2026, compared to the 5% target previously.

The curb was in line with the China's aluminum output cap of 45 million tons, which is set to be breached this year under current capacity, amid Beijing's anti-involution campaign to slow capacity for manufacturers in an effort to control deflationary pressures.

Elsewhere, Alcoa announced it will shut its Kwinana alumina refinery in Australia due to deteriorating bauxite or grades.

In the meantime, bets of aluminum consumption in the longer term were supported by corporate pledges of expenditure in new data centers, which take a large volume of aluminum.

The sharp expansion in Chinese manufacturing per the broader private PMI also supported the outlook for goods production.



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