Norwegian aluminum producer Norsk Hydro was upgraded to neutral from underweight at JP Morgan, which said it was adjusting estimates based on an upgrade in its own aluminum price forecast.
The investment bank said that aluminum prices have ignored supply overhang, while the potential for energy asset disposals by Norsk Hydro further underpin the share prices.
Analyst said that "Aluminum faces many headwinds relative to other metals but we also acknowledge that curtailments have helped mop up excess supply while a demand recovery is underway."
