Aluminum drops 1.4% to $3,498 on London Metal Exchange
Business
Aluminum prices dropped to their lowest in a month, sliding 1.4% to $3,498 per ton on the London Metal Exchange.
The main reasons? Ongoing global tensions (like recent US strikes on Iran) and worries about inflation and possible longer-lasting interest rate hikes in the US all making metals less attractive right now.
Strong US jobs stoke rate fears
Strong US job numbers are fueling talk of interest rates going up as soon as September, which is pushing down not just aluminum but also gold, silver, and copper.
Still, there's a bright spot: China plans to invest a massive 2 trillion yuan in digital infrastructure over 5 years, keeping long-term demand for metals alive despite all the short-term drama.