BMI, a research institute under Fitch Solutions, said in its report that the average aluminum price forecast for 2024 was raised by 2% to US$2,450/ton, on grounds of concerns over supply, stimulus policies introduced by China, and the Federal Reserve's interest rate cuts.

The dollar weakened ahead of the US presidential election, and Chinese authorities were expected to take more stimulus measures, both of which boosted prices of base metals such as aluminum and copper.

As of 12:08 p.m. in Shanghai on November 4, the LME aluminum price slightly rose by 0.5% to US$2,612.5/ton, and the copper price hiked by 0.7% to US$9,639/ton.