February 1, 2012 / 5:35 PM / 6 years ago

Aluminium prices could reach $2,500 by end Q2- Rusal

MOSCOW Feb 1 (Reuters) - Aluminium prices are expected to rise up to 10 percent from their current value by the end of the second quarter, as output cuts take effect, a senior executive at Rusal, the world’s largest producer of the metal, said on Wednesday.

Prices could rise up to $2,400-$2,500 per tonne, Rusal executive Oleg Mukhamedshin forcecast.

Aluminium prices ended last year near 18-month lows on concerns about economic weakness and oversupply, prompting Alcoa and Norsk Hydro to cut capacity. Rusal is also considering cutting capacity.

Still, Mukhamedshin forecast that demand from Asia and the U.S. will rise this year which, together with the reduced output, will support prices.

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