Commodity Market Report
Global aluminium short-term outlook March 2024
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Report summary
Having hit a February low of US$2145/t prices gradually inched up to above US$2200/t in early March, largely on dip buying. Since then, we have witnessed two phases in the upward price trajectory. The market sifted through the policy implications from China’s annual policy meeting – ‘Two Sessions’ which lifted the price to around the US$2220/t level. The second, more meaningful, phase has seen the market move to well above US$2250/t on growing concerns over delays to the full resumption of output in Yunnan as the dry season eventually comes to an end.
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