LME aluminum prices have shown volatility in early June 2025, with cash settlement prices ranging from $2,431.50 to $2,473.00 per ton during the first week. The recent price movements reflect broader market uncertainty following Goldman Sachs' bearish revision of aluminum forecasts in April 2025.

Goldman Sachs significantly downgraded its aluminum price outlook, now expecting prices to average $2,000 per ton in Q3 2025, down from previous projections, with a slight recovery to $2,300 per ton by December. The investment bank also shifted its global market forecast to predict a surplus of 580,000 tons for 2025, contrasting sharply with its earlier expectation of a 76,000-ton deficit.

The revision reflects anticipated declining global aluminum demand, with Goldman expecting a 1.1% year-on-year decrease in 2025 and 2.3% in 2026. This represents a dramatic reversal from previous projections of 2.6% growth in 2025 and 2.4% in 2026.

Copper markets have shown more resilience, with LME 3-month prices reaching $9,745.00 per ton on June 9, 2025. However, aluminum's outlook remains challenged by the combination of US tariff impacts and weakening global demand fundamentals.