Aluminum price climbs on supply snags, but grim demand outlook weighs.
Aluminum prices rose on Wednesday as smelter closures reduced supply, but analysts said prices are unlikely to rise sharply because slowing economic growth would also curtail demand.
“The past week has seen rising supply disruptions but aluminum has appeared unfazed,” said analysts at Citi, predicting prices would stay around $2,400 over the next three months. Around 1 million tonnes of aluminum capacity has been taken offline in Europe, Citi said, while another 500,000 tonnes in Europe and 200,000-300,000 in the United States are under threat.But Citi said there was surplus supply in Asia, where Chinese smelters have ramped up production, and expectations for consumption of the metal are weakening.
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