Goldman Sachs metal strategist Nicholas Snowdon said the average aluminum price is expected to be US$3,100/tonne in 2023, but is likely to drop to just under US$4,000/tonne by the end of this year.
Goldman Sachs predicted that this year demand will outpace supply, resulting in a supply shortage of approximately 1.6 million tons.
The financial services firm reported a positive outlook on commodities, believing that the lack of investment in base metal production in recent years has exacerbated supply pressures.
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