Goldman lifts Q2 aluminum forecast to $3,200 on supply disruptions

March 24 (Reuters) - Goldman Sachs raised its second-quarter LME aluminum price forecast to $3,200 a tonne from $3,100, citing supply losses from Middle East disruptions and the shutdown of the Mozal smelter in Mozambique.

The bank cut about 850,000 tonnes from its 2026 primary aluminum supply outlook versus January. It also trimmed global demand expectations, removing 600,000 tonnes from its 2026 forecast as higher energy costs weigh on economic growth.

Goldman now expects a 550,000-tonne global aluminum surplus in 2026, compared with 800,000 tonnes previously, though it sees a deficit in the first half of the year.