Aluminium Price Outlook
Aluminium prices edged up in recent weeks, supported by cautious optimism over the demand outlook for the base metal ahead of the signing of a “phase one” trade deal between China and the U.S. Aluminium traded at USD 1,793 per metric ton on 17 January, which was up 1.3% from the same day in the previous month. Moreover, the value was 0.6% higher on a year-to-date basis, although it was down 2.8% from the same day a year ago. Improving market sentiment in the run-up to the signing of a “phase one” trade deal between the world’s two largest economies on 15 January supported aluminium prices as investors grew more optimistic over the outlook for the demand metal that is used in transportation, construction and packaging. Further supporting the more optimistic outlook, the U.S. economy appears to have finished 2019 on a healthy footing while Chinese exports recovered in December following four months of contraction, thus boding well for prices. On a less positive note, troubles in the global auto sector continued to weigh on prices, although this was largely offset by still-tight global production.Aluminium Price History Data (USD per metric ton, aop)
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