By Megan Cheah

Aluminum stocks jumped in Hong Kong as the metal's prices hit a multiyear high, bolstered by a weaker dollar.

Shares of China Hongqiao Group ended 7.3% higher on Wednesday, after rising as much as 7.7%. Aluminum Corp. of China climbed 13%, and Nanshan Aluminium International increased 8.6%.

The advances came as aluminum futures on the London Metal Exchange rose to $3,314 a metric ton, the highest level in about four years, amid a broader base-metal rally.

The metals market is having a moment, with gold and silver prices hitting records and strong demand for industrial metals propelling prices of copper and nickel higher.

The gains also followed the U.S. dollar's sharp drop overnight after President Trump said he wasn't concerned about the currency's recent decline.

On Tuesday, Goldman Sachs raised its first-half aluminum price projection to $3,150 a ton from $2,575 a ton, citing growing investor confidence that high prices won't prompt a rapid increase in production.

Low aluminum inventories globally, emerging doubts about power availability for new Indonesian smelters, and firm global demand growth from electric vehicles and grid requirements have supported the metal's rally, Goldman analysts wrote. The industrial metal's other major uses include construction, packaging and electronics.

The U.S. bank doesn't expect aluminum prices to remain above $3,000, however, with the market expected to move into a surplus. Goldman lifted its fourth-quarter projection for aluminum prices to $2,500 from $2,350, but reiterated its $2,400 forecast for 2027.

"We forecast an acceleration in aluminum supply growth to coincide with a slowdown in global demand growth, led by weaker automotive production growth and a contraction in solar module production," the analysts said in a note.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

January 28, 2026 03:52 ET (08:52 GMT)

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