Despite Recent Short-Term Rally, Cyclical Correction Still In Place

1. LME prices have rallied in January to a seven-month high of $2,689 per mton on speculative buying (short-covering and new long positions) as speculators have poured in, betting that aluminum demand and prices have bottomed-out or are close to. However,...

2. We expect $... per mton to be the predominant range in the weeks ahead. HARBOR believes the most likely predominant range for LME prices in the short-term remains $... per mton, with odds of a temporary visit to levels as high as $... per mton.

3. However, weakening fundamentals continue to signal lower LME prices in the coming quarters, with: a) world demand for aluminum in...

4. Our base LME Cash price forecast for 2023 remains $... per mton. However, the Consensus has upgraded its forecast to...