Nicholas Snowdon, a metals strategist of Goldman Sachs, said that the average aluminum price was expected to be US$3,100/ton in 2023, while it is likely to surge to the level of slightly lower than US$4,000/ton by the end of this year.
Goldman Sachs foresaw that demand will outpace supply this year, leading to a supply shortage of approximately 1.6 million tons.
This financial services firm holds a bullish outlook on commodities, believing that a lack of investment in base metal production in recent years has exacerbated supply pressure.
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