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Aluminum Faces Largest Monthly Drop Since 2008
Aluminum prices experienced their largest monthly loss since 2008, declining by over 15% in June. This was fueled by expectations of the return of lost supplies from the Middle East following a temporary peace agreement between the United States and Iran. Consequently, previous gains that had lasted for three months were overturned, driven by increased Chinese exports, the replenishment of alumina stockpiles, as well as the strength of the dollar and expectations of US interest rate hikes. Although the price rose to $3,103 per ton on the London Metal Exchange, the metal remains down 15.4% for the month, marking the largest decline since 2008.
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