A positive shift in demand, higher oil prices and a drop in a key volatility index add to potential upside momentum as high as $1,700/ton for aluminum (LMAHDS03:COM), which last month touched a four-year low, says Harbor Intelligence analyst Jorge Vazquez.

"With all the reopenings taking place, demand is getting better relative to the month of April, so funds tend to flow to cyclical investments such as aluminum," Vazquez tells Bloomberg.

"Also, aluminum is energy in solid form, energy is the most strategic cost component when producing aluminum," Vazquez says. "When oil prices go higher, aluminum prices tend to go higher."

"At today's oil price, aluminum prices tend to average around $1,700/ton," Vazquez says; aluminum for delivery in three months closed at $1,512.50/ton yesterday on the LME.