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(LME) three-month aluminum rose to $1870/mt, the highest since May 2019 on October 16, and (LME) three-month aluminum rose to $1870/mt as of 23:30, the highest value
since May 2019.
Citibank believes that the current loss of aluminum supply is small, and the marginal profit margin is large
.
Affected by the growth of China's aluminum production, global aluminum production has remained basically stable this year, while aluminum prices have rebounded rapidly, and smelter profit margins have risen rapidly, stimulating the acceleration of new project construction
.
In the first eight months of this year, China's aluminum production increased by 650,000 tons year-on-year, while Citi forecasts that China will add 3.
18 million tons of aluminum smelting capacity in early 2020-2021, and another 1.
9 million tons will be completed
next year.
China's two leading aluminum smelters, Chinalco and China Hongqiao, are expected to bring 45 million tonnes of aluminium smelting capacity online, and while China's aluminum has been in a state of oversupply for the past 15 years, Citi believes that China's demand will maintain strong growth
.
