“Red metal” rose by nearly 1% on the London Metal Exchange (LME) today, breaking its two-week losing streak. Market participants attribute this to the weakening of the U.S. dollar. The dollar index has been falling for the second day in a row, making metals cheaper for holders of other currencies.
In recent weeks, industrial metal prices have been under pressure as U.S. regulators signaled a growing tightening of monetary policy. As a result, aluminum prices have fallen particularly sharply, returning to pre-war levels. Expectations of a resumption of supplies from the Middle East also played a role, according to Bloomberg.
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