Aluminum futures remained above $2,000 per tonne, close to levels not seen since October 2018 as strong demand from China and prospects of a global economic recovery offset a rise in production. Industrial production in China, which accounts for approximately 55% of global output, has been rising strongly since April as the economy returns to normality from the Covid-19 pandemic and in November it grew the most since March of 2019. Meanwhile, figures from the International Aluminum Institute showed global production rose 3.5% from a month earlier in October.
Historically, Aluminum reached an all time high of 3271.25 in July of 2008. Aluminum - data, forecasts, historical chart - was last updated on December of 2020.
Aluminum is expected to trade at 2014.01 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 1890.38 in 12 months time.