Aluminium prices are set to show increase in 2010 as compared to 2009. The latest report from Australian Bureau of Agriculture and Resource Economics (ABARE) suggests that Aluminium prices averaged $1663 a tonne on the London Metal Exchange (LME) in 2009, which was 33 per cent lower than the average for 2008.
For 2010 as a whole, aluminium prices are forecast to average around US$2150 a tonne, which is a rise of 29 per cent from 2009. Assumed stronger world economic activity in the short term is forecast to lead to an increase in aluminium consumption and, hence, prices.
However, aluminium stocks are forecast to remain at close to 10 weeks of consumption, which is expected to limit any significant increase in prices.
China's consumption of aluminium is forecast to increase by 6 per cent in 2010 to 15.3 million tonnes and by a further 13 per cent in 2011 to around 17.3 million tonnes. Indian consumption of Aluminium is also expected to increase by 6% in 2010.
The higher levels of consumption would be the result of increase in economic activity and urbanization.
Meanwhile, Benchmark MCX contract of Aluminium is expected to test Rs 102-103 levels in short term trades. The prices are currently hovering at Rs 101 per kg up Rs 1.
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