Aluminium set to advance nicely over next two years – ING

Despite the increasing macro headwinds and the stock release from China in a bid to tame the market, aluminium prices have remained resilient. Economists at ING expect the metal to increase its annual average price in the next two years.

See: Aluminium has the 2642 July high in its sights once again – Commerzbank

Constructive view towards aluminium in the long-term

“We continue to hold a constructive view towards aluminium in the long term. However, there could be a bumpy road ahead for prices in light of the macro headwinds amid the Fed’s policy normalisation journey.”

“We maintain our price forecasts for 3Q21 at $2,600/t (quarterly average) and expect annual average prices could rise from this year’s $2,420 to above $2,630 in 2022 and $2,700 in 2023.”