Aluminum prices are on track for their largest monthly decline since 2008, down
more than 15% month-to-date in June after Iran-related gains were rapidly
reversed. A temporary U.S.-Iran ceasefire and expectations that the Strait of
Hormuz will reopen have raised hopes that Middle East shipments will resume,
erasing the prior three months' rally. Prices have also been hit by a rapid USD
rally since mid‑May, making dollar‑denominated metals more expensive for most
buyers, and by market bets that the Fed will keep rates higher for longer or may
tighten further, weighing on demand.