Aluminium: Prices To Average US$1,350/tonne In 2009

Three-month aluminium has rallied in recent weeks in line with the overall rally in equity and commodity markets. The contract is currently trading at US$1,445/tonne, up approximately 11.2% since hitting the February low of US$1,279/tonne. Going forward, we expect that a majority of the decline in prices is behind us, and anticipate that prices will remain fairly range bound between US$1,200/tonne and US$1,600/tonne, although we do not rule out a break below either of these levels.

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