By Warren Patterson, Head of Commodities Strategy and Wenyu Yao, Senior Commodities Strategist
The global aluminium market could return to surplus in 2020 amid growth in supply. Demand, however, isn't keeping up and a raw material surplus is adding to deflationary pressures. Decent contango, warehouse queues and surpluses make financing deals attractive again
Bearish sentiment set to continue
Aluminium has not had a great year, and we fully expect the bearish sentiment to continue well into 2020. The metal underperformed in 2019, losing 6% year-to-date due to trade war fears and waning downstream demand.
Aluminium