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Aluminum futures in the UK fell below $3,100 per tonne, the lowest since February, pressured by a stronger US dollar and expectations of renewed metal shipments from the Middle East. The metal extended June’s 16% plunge, the steepest monthly drop since 2008, which followed a strong rally from March to May due to disrupted supplies. Expectations of an imminent US interest rate hike have strengthened the greenback, making dollar-denominated commodities more expensive for holders of other currencies. The resumption of trade through the Strait of Hormuz following a US-Iran deal has raised the prospect of a return of supplies from the Persian Gulf, which accounts for nearly a 10th of global aluminum output. Additional downward pressure came from rising production in China, the world’s largest producer, as well as increased output from smelters in Indonesia.
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