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Trafigura says aluminum rally is ‘over done’ as supply returns
Aluminum prices should decline by at least 6% over the next six months as supply returns to the market and high interest rates continue to crimp manufacturing demand, according to an analyst from Trafigura Group, one of the biggest traders of the metal. “We’re looking at a very grim demand picture right now,” metals analyst Henry Van said at the CRU World Aluminum Conference in London on Wednesday. “It’s a fundamentally overdone rally.” Three-month aluminum futures on the London Metal Exchange are up 8% so far this year, having risen recently as part of broad gains across the commodities complex. The ... (full story)
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- Posted: May 15, 2024 7:52pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 292
