Goldman Sachs cut its price targets for aluminum to $1,800, $1,750 and $1,750 per metric ton on a three-, six- and 12-month horizon. The bank previously looked for $1,850, $1,900 and $2,000, respectively.
“Driving these aluminum forecast revisions is the lack of a sufficient supply response to low and declining prices, which we believe is the result of a sharply declining cost structure driven by weaker coal and power prices,” Goldman added.
“At this point, we no longer believe supply curtailments will create a shift in the balance significant enough to generate a turn in the cycle within the next 12 months,” Goldman concluded.
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