Aluminum futures were trading around the $2,300-per-tonne mark, a level not seen in over a year and down roughly 40% from their March record peak as fears of a demand-sapping global recession and higher production levels in China continued to hang over the market. Concerns about an economic and manufacturing slowdown have taken a front seat as increasingly hawkish central banks to rein in sky-high inflation have dented demand for industrial metals. This has come against a backdrop of increasing production from China as smelters recovered from last year’s aggressive energy efficiency targets and recent coronavirus-induced halts. China’s primary aluminum production rose 5.6% to a record monthly high of 3.43 million tonnes in July from a year earlier. Still, a deepening energy crisis, particularly in Europe, has squeezed supplies of the energy-intensive metal. .
Historically, Aluminum reached an all time high of 4103 in March of 2022. Aluminum - data, forecasts, historical chart - was last updated on September of 2022.
Aluminum is expected to trade at 2237.65 USD/Tonne by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 2072.61 in 12 months time.