Citigroup: Raises aluminum price target for 0-3 months to $3,400 per ton.

Citigroup released a research report stating that the price of aluminum is beginning to see a structural uptrend, with a number of positive factors in the macro environment and fundamentals causing investors to reflect more bullish expectations for the medium term in the short term prices. The price of aluminum has surpassed previous target levels, indicating strong inflows of funds and overall strength in the non-ferrous metal market. Citigroup believes that there is still further upside potential for the price of aluminum in the future, therefore they have raised their price target for the next 0-3 months to $3400 per ton, mainly due to strong short-term momentum and demand support from policy drivers. However, the bank pointed out that due to the path dependence of the market and the lag effect of physical indicators, they still maintain a cautious attitude towards the slope and speed of the uptrend, meaning that there is still a risk of periodic pullbacks.