HK Stock Market Move | Aluminum Corporation Of China (02600) is currently down over 5%. Goldman Sachs believes that aluminum prices are temporarily too high and that supply growth will drive prices back down.

Aluminum Corporation Of China (02600) is currently down more than 5%, at the time of writing, down 5.03% to HK$10.58, with a turnover of HK$7.87 billion. On the news front, the latest research report from Goldman Sachs shows that the bank maintains a bearish view on aluminum prices, expecting aluminum prices to fall to $2350 per tonne in the fourth quarter of 2026, and believes that prices will not recover to the current level until the early next decade. Goldman Sachs predicts that additional supply will push the market into surplus, and while aluminum demand will benefit from similar demand drivers and substitution effects as copper, aluminum will not face the resource constraints that copper has experienced. JP Morgan, on the other hand, remains optimistic about the prospects of the aluminum industry next year. In the bank's base forecast, it is expected that new supply from Indonesia will bring about a moderate supply surplus in 2026, but potential supply interruptions and a slowdown in overseas capacity restarts may tighten market supply more than the baseline forecast.