In July, the aluminum market continued to face a positive market environment. The dominant issues remained the low interest rate policy of the US Federal Reserve (FED), the supply cuts in China and the Russian export tax on aluminum products. Consequently, the aluminum 3-month contract on the London Metal Exchange traded in a range of USD 2,416/t to USD 2,642/t over the course of the month.
The spread of the delta variant of the coronavirus in parts of Europe and Asia caused interim price corrections due to profit-taking. However, as no strict restrictions on economic activities are currently foreseeable, market participants do not expect any change in the bullish price outlook despite the spread of the delta variant.