JP Morgan forecasts 1.9 MMT primary aluminium deficit in 2026, driven by a 2.4 MMT hit to Middle Eastern supply
Importance
Level 1
- Holds a baseline view that spot aluminium prices have an upside potential to reach USD 4k/MT and above, in the coming months.
- Forecasts Q2'26 average of USD 3.8/MT for aluminium as the scale of the supply disruption becomes increasingly evident in physical market.