Aluminum futures were trading around the $2,500-per-tonne level, a level not seen since July of 2021 amid muted demand and soaring production. Concerns about slowing global growth coupled with high levels of inflation and skyrocketing borrowing costs dented demand from the construction sector, particularly from top consumer China, where persistent coronavirus outbreaks continued to hit economic activity. On top of that, China’s monthly aluminum production reached another record high in May amid an easing in power consumption curbs. Meanwhile, aluminum smelters in Europe continued to curtail production due to high energy costs exacerbated by the Russian invasion of Ukraine.
Historically, Aluminum reached an all time high of 4103 in March of 2022. Aluminum - data, forecasts, historical chart - was last updated on June of 2022.
Aluminum is expected to trade at 2395.83 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 2223.91 in 12 months time.