LONDON: Aluminium prices trimmed gains on Tuesday as the dollar steadied ahead of a US inflation update, while stronger auto sales in China and Beijing’s support for the property market continued to help.
Benchmark aluminium on the London Metal Exchange (LME) was up 0.8% at $2,163.5 a metric ton by 1421 GMT, after touching its highest since June 28 at $2,191.
“Metals appear to be largely following the US dollar and the potential for further action from the US Federal Reserve,” said SP Angel mining analyst John Meyer. The dollar was flat after hitting a two-month low against a basket of currencies.
Dollar-priced metals are more attractive for buyers holding other currencies when the US currency is weak.
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