铝：基本面改善支撑价格上行-Aluminium_ Improving fundamentals to support higher prices
2026-01-23 15:35
ab 19 January 2026 Global Research Aluminium Improving fundamentals to support higher prices Diverging S&D outlooks between aluminium & alumina The rally in LME aluminium to >$3,000/t reflects tightening fundamentals due to supply disruptions/tariffs (CBAM), support from the rally in the copper price (ratio >4x) and broader hard asset/debasement trade resulting in increasing net spec positioning. Like copper, we see scope for near-term price consolidation but we remain structurally positive on aluminium fun ...