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Bearish 2023 Amid Demand Contraction and Growing Oversupply

KEY MESSAGES

  • We see US Sanctions on Russian aluminum as...
     

  • We don’t see the London Metal Exchange (LME)...
     

  • As a result, we expect the ongoing contraction in world primary aluminum demand and the resulting growing oversupply to continue in 2023.
     

  • We see the current underlying bearish trend in LME prices extending over the next few quarters, targeting $... per mton before the end of the year and the $... per mton zone at some point in 2023.