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Al market could swing into backwardation - BarCap

June 29, 2009 - 00:00 GMT

Forecast - ‘Prices have become dislocated from the fundamentals’

The nearby aluminium market could swing into backwardation if there are more short-covering rallies, Barclays Capital analysts cautioned last week, as the bank raised its 2009 price forecasts for all base metals except aluminium. “Prices have become dislocated from the fundamentals. In our view, there is little fundamental support to warrant a price increase of over 10% in the past month,” analysts said in a research note. BarCap’s forecast for cash 2009 aluminium...

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