Commodity Market Report
Global aluminium short-term outlook February 2024
Report summary
Having hit a month-end high of US$2231/t on 31 January, the official LME cash price has drifted lower during February. Prices are currently in a state of suspended animation with neither positive nor negative catalysts making any impact. Prices did briefly hold above US$2200/t on possible EU and US sanctions on Russian aluminium. However, the US and EU both have decided to hold-off on direct sanctions on Russian origin metal, though the door is open for further EU sanctions later in the year. Against the backdrop of weak Q1 demand and with China just coming back from the New Year holidays there is little to suggest any upside to prices over the next few weeks.
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