A glut of aluminium due to floundering demand in China and elsewhere and soaring supplies will undermine prices of the metal used in the transport, packaging and construction industries, possibly until end-2023.
With manufacturing activity shrinking in China, the United States and Europe, the outlook for consumption of industrial metals looks sluggish.
Benchmark aluminium CMAL3 on the London Metal Exchange (LME) fell to a five-week low of 2 134 a metric ton on Wednesday, a drop of 20% since the middle of July.