LIVE FUTURES 29/07: Aluminium at two-month high, all LME prices strengthen before month-end

The London Metal Exchange’s base metals prices were robust at the close of trading on Thursday July 29, supported in part by a US Dollar Index that reached its lowest since June 29 and fundamental factors affecting the metals themselves.

The dollar index bottomed at 91.87 on Thursday, having reached a year-to-date high of 93.19 on June 21, following the US Federal Reserve bank’s renewed dovish statements regarding changes in its monetary policy.
“We would have thought that the Fed would have been more aggressive in at least laying out the preliminary outlines of a tapering schedule, but it clearly declined, kicking the can down the road,” Edward Meir, ED&F Man’s head of commodity research, said.

“At the least, this means that the dollar should continue to lose upside momentum, providing...


Ana de Liz

July 29, 2021

17:04 GMT