ACH - Chalco upgraded to Buy from Sell at Goldman

Aluminum Corp. of China ([[ACH]] +2.9%) wins a double-upgrade to Buy from Sell at Goldman Sachs, as part of the firm's outlook for strong aluminum prices.Goldman's commodities team raises its London aluminum price forecast to $1.04/lb. in 2021, $1.13/lb. for 2022 and $2.35/lb. for 2023 from its previous estimate of $0.94-$0.95, foreseeing "a combination of demand upgrades alongside evidence of increasing supply constraints to further tighten fundamental balances in the coming years."Goldman now expects the global primary aluminum market to be in a deficit in 2021 vs. a previous prediction of a surplus, followed by more substantive declines in 2022-23.ETFs: [[JJU]], [[JJUB]]Aluminum prices recently surged to near nine-and-a-half-year highs, helped by concerns of supply cuts in China.

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Chalco upgraded to Buy from Sell at Goldman