Market Summary: Bullish for 2018

Bullish for 2018
The base metals have started 2018 in consolidation mode after frenzied rallies at the end of 2017. The fact that manufacturing data still looks robust, that supply disruptions are being threatened, that the Fed remains dovish and that China’s financial conditions have loosened, suggests the backdrop for the base metals remains bullish overall. This supports our expectations for higher prices this year overall and, at the moment at least, puts our high case scenarios in focus.

Aluminium: Flatter price outlook this year

Outside of broad factors such as growing investor interest in commodities and a solid global economic growth outlook, the more aluminium-specific fundamental factors that are likely to define 2018 for this metal...