Supply-side factors will likely generate downward pressure on LME aluminum prices and returns in the near term, despite the more supportive demand environment, says Goldman Sachs. Notes that the recovery in alumina availability has allowed the restart of previously idled aluminum smelters, particularly in China, which will likely boost supply and leave the aluminum market in surplus. Forecasts aluminum prices to decline to $2,350 a metric ton by the year-end. LME aluminum trades at $2,847/ton, -2% from Thursday's high.
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