July 15, 2025
Executive Summary
1. As HARBOR anticipated, LME 3M prices have rallied $,,, per mton or… % since early April. LME prices have rallied as…
2. Indeed, HARBOR expects world primary aluminum demand to gain momentum in Q4 2025 and 2026, supported by…
3. As a result, world aluminum availability is set to…
4. We remain bullish, and more so than Consensus. HARBOR sees LME prices in 2H 2025 targeting $…