What year will 2023 be for the aluminum market? Is a growth trend expected?
Goldman Sachs, one of the world’s leading investment banks, headquartered in New York and with major branches in the globe’s major financial centers (from London to Frankfurt, from Tokyo to Hong Kong), has asked itself that question.
As reported by Bloomberg, the news is that Goldman Sachs raised its price forecast for aluminum, believing that higher demand in Europe and China could lead to supply shortages.
The group’s leading analysts, including Nicholas Snowdon and Aditi Rai, say the metal could average $3.125 a ton this year in London.
This would be higher than the current price of $2.595, while the bank’s previous forecast was $2.563.
According to Goldman Sachs, aluminum could rise to $3.750 a ton in the next 12 months.
“Set against a far more benign macro environment, with fading dollar headwinds and a slowing Fed hiking cycle, we expect upside price momentum to build progressively into spring”, the analysts said.
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