Middle East outages to keep aluminium market tight near-term, but Indonesia-China supply wave caps upside: Goldman Sachs

Aluminium prices are expected to remain high in the short term due to ongoing Middle East disruptions, which are now projected to extend into 2027. However, a significant increase in supply from Indonesia and China is anticipated to shift the market into a surplus next year. This outlook leads Goldman Sachs to maintain a bearish stance on the commodity for the medium term, despite near-term price support.

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