Aluminum to the highest level in 4 years after Trump’s comments about the dollar
The price of aluminum rose to its highest level in nearly 4 years, accompanying the prices of other base metals, after US President Donald Trump expressed that he was not disturbed by the sharp decline in the value of The dollar.
In response to a question about his opinion on the recent weakness of the dollar, Trump told reporters that "It performs excellently"which added to the growing pessimism towards the US currency.
The dollar index fell by about 3% during the four sessions through Tuesday, making dollar-denominated goods cheaper for many buyers.
The price of aluminum rose by 2.9% to reach $3,300 per ton in London, its highest level since April 2022.
And in other base metals, Copper rose 1.2%, and zinc rose 1.2% as well. On the other hand, the price of iron ore fell by 0.7% to $102.95 per ton in Singapore.
A group raised "Goldman Sachs" Its forecast for aluminum prices, indicating that its average price will reach $ 3,150 per ton in the first half of the year, up from $ 2,575, but still below current prices.
Basic metals achieved a strong start to 2026, supported by the weakness of the dollar, resulting from Trump’s volatile policies, and investors’ shift towards safer assets.
This applies to aluminum, as it imposes Chinahas imposed a cap on smelting capacity, and it is not yet clear how quickly producers in the rest of the world will be able to increase their production to meet the growing demand resulting from the transition in the energy sector.
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