LME aluminum price to average USD 2,400 per tonne - Analysts

Analysts at JP Morgan expressed that the LME Aluminum average price will be USD 2,400 per tonne in the year 2009. JP Morgan is a leading financial services firm with global scale and reach. The quantity of aluminum in stock have reached to 1.15 million tonnes, the LME price will decrease by 12% down to USD 2,715 per tonne. That is more than they estimated before. It is estimated that in the year 2009 year aluminum supply will increase by 8%, which is higher than 6% in the year 2008. Aluminum consumption will increase by 6% in the year 2009 that is the same increasing rate than in the year 2008. The situation that the demand exceeds supply will be alleviated if the aluminum price declining forced to reduce smelter production especially in China. Sourced from YIEH.com