Aluminum Rebounds

2026-07-03 07:23 By Judith Sib-at 1 min. read

Aluminum futures in the UK rose above $3,100 per tonne, rebounding from a more than four-month low as the US dollar retreated, improving the appeal of dollar-denominated commodities.

Softer US jobs data reduced expectations of a near-term rate hike, pushing the greenback to a two-week low.

In addition, factory activity in China, one of the largest consumers of the metal, returned to expansion in June, supporting the demand outlook.

However, price gains remained limited by improving supply prospects.

The resumption of trade through the Strait of Hormuz following a US–Iran deal has increased the likelihood of additional supplies from the Persian Gulf, a region that accounts for nearly a tenth of global aluminum output.

At the same time, production continued to rise in China, the world’s largest producer, while output from Indonesian smelters also expanded.



News Stream
Aluminum Rebounds
Aluminum futures in the UK rose above $3,100 per tonne, rebounding from a more than four-month low as the US dollar retreated, improving the appeal of dollar-denominated commodities. Softer US jobs data reduced expectations of a near-term rate hike, pushing the greenback to a two-week low. In addition, factory activity in China, one of the largest consumers of the metal, returned to expansion in June, supporting the demand outlook. However, price gains remained limited by improving supply prospects. The resumption of trade through the Strait of Hormuz following a US–Iran deal has increased the likelihood of additional supplies from the Persian Gulf, a region that accounts for nearly a tenth of global aluminum output. At the same time, production continued to rise in China, the world’s largest producer, while output from Indonesian smelters also expanded.
2026-07-03
Aluminum Drops to Lowest in Over 4 Months
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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