Aluminum Prices Drop as Supplies Increase

Aluminum prices declined by more than 15% during June, recording the largest monthly loss since 2008. This came amid expectations of a return of supplies from the Middle East following the tentative peace agreement between the United States and Iran, which wiped out the gains that had lasted for three months. Consequently, demand for the metal decreased, and the market was significantly affected, with ongoing pressures due to the rising US dollar and prospects of interest rate hikes. Despite a 0.5% increase in aluminum prices to $3,103 per ton, the price remains 15.4% below the level at the beginning of the month.

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