Goldman Sachs Group Inc. raised its price forecasts for aluminum, saying higher demand in Europe and China could lead to supply shortages.
The metal will probably average $3,125 a ton this year in London, analysts including Nicholas Snowdon and Aditi Rai said in a note to clients. That’s up from the current price of $2,595 and compares with the bank’s previous forecast of $2,563.
Goldman sees the metal, used to make everything from beer cans to plane parts, climbing to $3,750 a ton in the next 12 months.