Now that China is reopening, there is an opportunity to buy shares of aluminum producer Alcoa, according to Citi. Analyst Alexander Hacking upgraded the stock to buy from neutral, saying aluminum is “another part of the reopened trade with China.” “Aluminum has a relatively light position, tends to be late to bull market parties, is relatively short and has a myriad of idiosyncratic pro-inflationary risks, as well as exposure to macroeconomics (including large credit easing and higher oil prices) and El Niño. Supply-side risks related to the supply. Rolling mill shutdowns from Southwest China due to power availability are limiting supply response to margins,” added Hacking. What’s more, Alcoa shares could rise 35% from Tuesday’s close, according to the analyst. Hacking raised its price target to $65 from $55 previously. Aluminum shares added more than 1% in premarket trading on Wednesday. For Alcoa, the macro outlook is more positive at a time when the stock is “relatively out of favor with investors” as it focuses more on other beneficiaries of China’s reopening, such as copper and coal, the analyst said. The stock has gained more than 5% this year, slightly outperforming the S&P 500, which is up 4%. Citi also has a positive long-term view on the stock. “Alcoa has relatively low leverage, strong liquidity and relatively cheap upstream assets. Citi is long-term bullish on aluminum prospects. We see more upside than downside at current levels,” the note said. —CNBC’s Michael Bloom contributed to this report.