ONLINE FOREX BROKER
2021-09-03 • Updated
Aluminum is used in the metallurgical industry in the production of many metals. Aluminum is also widely used in the construction of aircraft, spaceships, and automobiles. High-purity aluminum is widely used in such new fields of technology as nuclear power, semiconductor electronics, and radar. In the conjuncture of global economic recovery, these sectors are going to increase their consumption, as a result, aluminum demand will grow as well as prices.
In January-March 2021, the global demand for primary aluminum amounted to 16.4 million tons with an 11% year-to-year increase. Aggregate demand excluding China increased by 5.2% to 7.2 million tons, while demand in China increased by 15.4% to 9.2 million tons. Among the sectors of final consumption of aluminum, the fastest growth is shown by the transport industry.
Global aluminum production in the first quarter increased by 5.9% on an annualized basis to 16.75 million tons, thanks to an increase in production in China by 9.6% to 9.8 million tons. At the same time, production in the rest of the world grew by only 1% to 7 million tons.
Analysts predict further Aluminum price growth as the future supply will underperform the future demand.
You can use Alcoa Corporation stock to trade this metal as it is one of the biggest Aluminum producers in the world.
D1 chart
Alcoa looks very bullish. It broke through local high at $42.8 and went up. At this moment the main target locates at $60, but there are $50, $52, $55 resistance levels on the way. The global support locates at $42.8, while the local one is $46. The RSI indicator also shows that there is enough space for future growth.
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