Aluminum prices are set for the largest monthly decline since 2008 due to supply outlook

```htmlGolden Ten Data reported on June 30 that the rally sparked by the Iran situation quickly reversed, as the market expects previously disrupted Middle East supplies to resume. Aluminum prices are heading towards their largest monthly drop since 2008, having already plunged over 15% in June. The temporary ceasefire agreement between the US and Iran generated optimism, as the reopening of the Strait of Hormuz is expected to restore goods transportation in the Middle East, wiping out gains from the previous three months. Like other metals, aluminum prices have also been impacted by the rapid strengthening of the US dollar since mid-May, making dollar-priced metals more expensive for most buyers. Additionally, expectations that the Federal Reserve will need to maintain high interest rates for a longer period, or possibly raise rates further to curb inflation, are weighing on demand prospects.```