Resumen de 2018 Aluminium outlook: For once, it's not all about China
Location is everything when it comes to aluminium. A stubborn Chinese surplus depresses local prices whilst an ex-China deficit has driven LME prices to highs not seen since 2011. Regional premiums are also on the rise as trade barriers loom. Near term, we expect pressure from high Chinese semi exports, but further out we see potential for the two worlds to diverge: A more isolated surplus in China versus a tight LME market with a thirst for ingot. For once, it's not just about China...
