Global aluminium short-term outlook November 2022

A month is a long time in the aluminium market. The official cash price ended October at just below US$2200/t, weighed down by concerns over global demand and the adherence to a strict zero-Covid policy in China. Market uncertainty was also heightened by the LME’s consultation on whether to exclude Russian brands from the market. Indeed, sentiment during LME Week was generally bearish. Two main developments have dominated price action during November each one working in the opposite direction for prices. The likelihood that China will relax it strict zero Covid policy and the decision by the LME to not ban or otherwise alter how it deals with Russian metal.