Commodity Market Report
Global aluminium short-term outlook April 2024
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Report summary
Prices staged a two-step recovery in April. Having broken through the US$2300/t earlier in the month, investor sentiment towards the light metal turned bullish on an uptick in Chinese manufacturing activity and a sense that the worst of the downturn in Europe may be over, especially in the construction sector following a mild winter. Just as the price was settling into a range above US$2400/t, news that the LME would ban new Russian metal from the exchange from 13 April sent the price rocketing to as high as US$2728/t in intra-day trading with high volatility across all LME market metrics.
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