Aluminum prices are most at risk amongst base metals of a correction in the near term, says Goldman Sachs. The recovery in alumina availability has allowed the restart of previously idled smelters, particularly in China, and a substantial amount of inventory is likely to build off-exchange, Goldman notes. This is in addition to the recent recovery in global exchange stocks. Adds that LME aluminum is likely to fall to $2,350 a metric ton by year-end, with relatively limited upside in the following months. LME aluminum is last at $2,778/ton, +1% overnight.
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