Global aluminium short-term outlook June 2024

After hitting intra-day highs of US$2700/t in late May, prices have been on a downward trajectory during the month. As we noted in our May report, the rally last month was partly built on investment interest in copper and that investors would eventually take profit and attempt to build out long positions from a lower base price. The pullback in prices to below US$2500/t failed to attract any meaningful dip buying with the market sentiment weighed by macro developments in China, especially in the property market.