Aluminum futures bottomed around the $2,800-per-tonne mark, down roughly 30% from their record peak touched in early March, as coronavirus-induced restrictions in top consumer China and the prospect of aggressive tightening from major central banks sparked concerns about weaker global growth hitting metals demand. Recent data from China exacerbate such a gloomy outlook, with the world's second-largest economy reporting that industrial output unexpectedly contracted in April. On top of that, soaring aluminum prices and disrupted exports from Russia helped Chinese smelters scale production to record levels. Once activity picked up, excess inventory would hit the global markets and pose a significant downside to prices.
Historically, Aluminum reached an all time high of 4103 in March of 2022. Aluminum - data, forecasts, historical chart - was last updated on May of 2022.
Aluminum is expected to trade at 2856.03 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 3070.15 in 12 months time.