Aluminum Gains Amid Declining Dollar

Aluminum prices rose today thanks to the decline of the US dollar and diminished fears of a US interest rate hike. The aluminum contract on the London Metal Exchange increased by 0.53%, closing at $3,108 per ton. It also climbed in the Shanghai Exchange by 1.18%, reaching 22,755 yuan ($3,355.60) per ton. Reports confirmed that concerns about a return of aluminum supplies from the Middle East are exaggerated. Meanwhile, US labor market data showing signs of slowdown reduced expectations of a rate hike, boosting risk appetite and supporting higher metal prices. Copper continued its upward trend despite a decline in semiconductor company stocks, driven by expectations of increased demand for infrastructure and energy, along with the Chinese PMI index rising for the seventh consecutive month.

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