First Look - Aluminum and other metals rise as dollar weakens before US presidential election

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• LME Aluminum Select 3M Select trades $16.50 higher at $2,616.50/mt (9:06 AM CDT)
  • Copper, aluminum, and other base metals gained as the dollar weakened ahead of the US presidential election and on hopes for further stimulus measures from China, which could support demand. The dollar’s decline, attributed to reduced bets on a Trump victory as Kamala Harris gained ground in polls, has made metals more attractive for buyers using other currencies. Chinese stocks and the yuan also rose in anticipation of policy support, following a meeting of China’s top legislative body to consider raising local government debt ceilings. Copper rose 0.7% to $9,634.50 a ton on the London Metal Exchange, and aluminum remained steady at $2,598. BMI increased its aluminum price forecast by 2% for the year, citing supply worries and China's economic support initiatives. (Bloomberg)
• LME Copper 3M Select trades $99.50 higher at $9,670/mt 
• CME HRC Steel last traded at $714/st, prices are unchanged from Friday’s settle

Price Indications

Today's Charts

AEGIS Insights

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6/3/2024: The PMI of the domestic aluminum processing industry recorded 41.7% in May | Shanghai Non ferrous Metals

6/2/2024: Nippon Steel's Mori returns to US this week for talks on US Steel takeover

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