Aluminium Price OutlookAluminium prices plunged over the past month amid fading supply fears and softening demand conditions. Prices averaged USD 2,840 per metric ton in May, which was 12.6% lower than April's price. However, the average price for aluminium was up 16.7% from the same month last year. Meanwhile, on 31 May, aluminium traded at USD 2,758 per metric ton, which was down 9.1% from the same day of the previous month. Weaker demand conditions appear to have spearheaded the downturn in aluminium prices in May. Deteriorating global growth prospects—due to high inflation and the fallout from the war in Ukraine—and constrained Chinese activity amid Covid-19 restrictions, boded poorly for aluminium consumption, thus hurting prices. Notably, aluminium demand in top consumer China reportedly fell by over 5% in April—marking the biggest decline since the start of the pandemic in March 2020. Moreover, an inflow of fresh inventories in LME’s warehouses in Asia further weighed on prices, although ex-Asia stocks remained at historic lows. On the supply side, worries over output continued to recede in recent weeks; in April, production accelerated to a record high in China, while the initial shock from the war waned.
Aluminium Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Aluminium Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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