Nicholas Snowdon, a metals strategist of Goldman Sachs, said that the average aluminum price was expected to be US$3,100/ton in 2023, while it is likely to surge to the level of slightly lower than US$4,000/ton by the end of this year.

Goldman Sachs foresaw that demand will outpace supply this year, leading to a supply shortage of approximately 1.6 million tons.

This financial services firm holds a bullish outlook on commodities, believing that a lack of investment in base metal production in recent years has exacerbated supply pressure.