Aluminum Drops After Iran Says Strait of Hormuz Is Fully Open
Prices for aluminum had surged to their highest in more than three years.
Photographer: Alex Flynn/BloombergAluminum prices fell after Iran said the Strait of Hormuz was open for cargoes to transit, a move that would allow the metal to be exported out of key producers Bahrain, Saudi Arabia and the United Arab Emirates.
Three-month aluminum futures on the London Metal Exchange slipped 2.2% to settle at $3,564.50 a metric ton on Friday, the lowest since April 14. Prices notched a 1.9% weekly gain, the fourth in a row.