ニッケル：クリーンエネルギー未来の戦略的金属 — SO OK TRADINGによる記事

An analysis of the aluminum market in 2026 indicates a likely continued market deficit and upward price pressure, driven by constrained supply and resilient demand from green energy sectors. However, significant volatility is expected due to policy uncertainties and the potential for new Indonesian supply to eventually balance the market. Key Drivers and Projections for 2026 Supply Side Analysis Capacity Constraints: China's primary aluminum output is approaching its self-imposed 45 million-tonne capacity cap, limiting global supply growth. Power Challenges: Smelters outside of China face intense competition for power from energy-intensive sectors like AI data centers, which are willing to pay higher prices for long-term contracts. This has kept significant capacity offline in Europe and the US. Production Disruptions: Outages and potential shutdowns at existing smelters in Iceland and Mozambique further tighten the market. Scrap Supply Pressure: The EU's planned implementation of the Carbon Border Adjustment Mechanism (CBAM) and potential scrap export tariffs in spring 2026 are expected to impact global scrap flows, creating regional shortages and price volatility. New Capacity: Indonesia is a key source of new supply, with several projects in the pipeline. However, analysts suggest the pace of the ramp-up may be slower than expected due to infrastructure and policy challenges, meaning it is unlikely to fully offset near-term tightness. Demand Side Analysis Green Transition Demand: Demand from "green" sectors such as solar panels, new energy vehicles, and energy transition infrastructure remains strong, providing fundamental support for the market. Substitution Effect: Aluminum's wide price discount relative to copper has encouraged substitution in electrical applications, acting as a tailwind for demand and prices. Construction and Automotive: The construction and automotive industries continue to be major consumers, with growing demand for lightweight, low-carbon aluminum products. Price Forecasts and Volatility The market is expected to remain in a deficit in 2026, with estimates ranging from 200,000 to 600,000 tonnes. This structural tightness is leading most analysts to forecast sustained or rising prices. Bullish Views: Analysts at Bank of America project prices of $3,000/tonne as early as 2026. J.P. Morgan also expects prices to approach $3,000/tonne in Q1 2026. ING forecasts an average price of $2,900/tonne for the year. Bearish/Conservative Views: Goldman Sachs is an outlier, forecasting prices to decline to $2,350/tonne by Q4 2026, anticipating a market surplus later in the year. SMM forecasts a "high first, then lower" pattern, with prices finding equilibrium in the $2,700–$2,800/tonne range by year-end. Premiums: Regional premiums, particularly the US Midwest premium, are expected to remain high and volatile due to tariffs and regional supply dynamics, creating a disconnect from the LME benchmark price. In essence, 2026 is projected to be a year of high volatility where participants need to focus on scenario readiness rather than relying on a single price forecast, as geopolitical and energy policies significantly influence regional supply and costs

銅価格動向まとめ 2026年8月24日 : SO OK TRADING AI技術とクリーンエネルギーが世界を牽引する時代において、「銅」は世界経済の構造において極めて重要な役割を担う戦略金属となりました。データセンターの電線システムからスマートグリッド、さらには電気自動車（EV）に至るまで、銅はエネルギー産業の変革を支える基盤となっています。 本稿は SO OK TRADING によって作成され、世界およびタイ市場の銅の動向を包括的にまとめています。価格のトレンド、強気要因・弱気要因、そして金属・エネルギー産業に携わる事業者向けの戦略的分析を、2026年8月24日時点のCOMEXおよびLME市場の最新データに基づいて解説します。 内容は以下を含みます：

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