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Aluminium Outlook

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Expert aluminium market insights

Our quarterly aluminium outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals, including LME and SHFE stocks and macroeconomic implications for the aluminium futures and spot prices are analysed. Our research team produce an aluminium price range forecast as part of the report.

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Aluminium Outlook – Q2 2024

After a slow start, aluminium prices gained momentum in March and April, driven by optimism around China’s economic recovery. Increased speculative demand prompted prices above $2,300/t, and April continued to post new highs. Yunnan, China’s biggest aluminium producer, is ramping up production, which should stabilise domestic market supply. However, ongoing droughts are slowing the pace of capacity expansion. Increased market volatility is expected due to LME sanctions on Russian material, but overall, the market remains in equilibrium, with cautious optimism for future pricing.

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