Citi analysts reported a structural upward trend in aluminum prices, driven by favorable macroeconomic conditions and strong market fundamentals. Investors are increasingly pricing medium-term bullish expectations into the current market, causing prices to exceed previous targets. This growth indicates robust capital inflows and broad strength across the non-ferrous metals sector.

The bank increased its 0-3 month aluminum price target to US$3,400 per ton from the previous US$2,950 per ton, supported by strong short-term momentum and policy-driven demand.

Although the outlook remains positive, Citi maintains a cautious stance regarding the speed of this climb. Physical market indicators in China often lag behind price movements, creating potential risks for temporary pullbacks. These factors indicate a volatile but generally rising trend for the global aluminum market in the coming months.