Daniel Briesemann, a Commerzbank commodities analyst, said that more aluminum smelters are likely to reduce output before spring due to the surging energy prices in Europe and Asia, which will boost aluminum prices further.
However, the aluminum price should cool down after the winter as the supply at that time might increase, added Daniel Briesemann.
The warrant stocks in LME-registered warehouses fell to 536,175 tons on January 10, far below the 861,800 tons on December 14, 2021, the lowest level since 2005.
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