Industrial metals came under pressure as the US dollar continued to strengthen, with aluminum prices falling to their lowest level since mid-February. Aluminum declined 16% in June, the biggest monthly drop since 2008, and losses extended further. The Dollar Index rose for a second consecutive day, accumulating a 2.5% gain over the past two months, raising costs for dollar-denominated commodities and weighing on aluminum.
According to Jinshi Data, industrial metals overall came under pressure as the US dollar continued to strengthen, with aluminum prices falling to their lowest level since mid-February. After cumulative declines of 16% in June (the largest monthly drop since 2008), aluminum prices continued to extend losses. The US Dollar Index rose for a second consecutive day, accumulating gains of 2.5% over the past two months, making dollar-denominated commodities more expensive for most buyers. The sustained strength of the greenback has added to headwinds for industrial metals, as higher input costs curb demand and weigh on prices.
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