Citi Keeps Neutral Aluminum Stance as Investors Eye 2027 Oversupply

The notable shift here is the market's willingness to price a problem three years out rather than the tightness in front of it — a sign that forward expectations, not current physical balances, are driving positioning. That matters for producers, consumers and anyone hedging aluminum exposure, since it implies the spot premium for immediate supply is losing its grip on sentiment. Whether the 2027 surplus thesis hardens into consensus, or spot tightness forces a rethink, is the open question.