Global aluminium short-term outlook September 2024 Report

Commodity Market Report 27 September 2024

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Report summary

Doveish central bank policies in the US and China edged the LME price cash price above US$2600/t in late September. The latest round of monetary easing should feed through better economic activity in 2025. Meanwhile, underlying demand, particularly in Europe remains muted and despite further likely cuts to US interest rates, it may be too late to prevent a sharp slowdown in the US economy. A weaker US dollar should provide some support to the LME price, but we expect investors to also sell into any rally.