Commodity Market Report
Global aluminium short-term outlook October 2024
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Report summary
Aluminium prices found support in October despite a stronger US dollar and mixed economic data releases in the major markets. Having dipped to an official cash month low of US$2521/t on 15 October, the price rallied to US$2617/t on the last trading day of the month. Tightening alumina supply has been a key driver for the metal price. Alumina prices have doubled from US$350/t to US$700/t currently and will likely push higher over the coming weeks following a series of production issues coupled with a suspension of bauxite exports out of Guinea to EGA’s Al Taweelah refinery.
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