Aluminum continues to drop on trade war pressure

Aluminum prices fell today as pressure as investors shift to precious metals and safe havens to shelter from the US-China trade war impact on industrial metals.

As of 14:17 GMT, US dollar index rose against a basket of currencies by less than 0.1% to 97.6 points, with a high of 97.7 and a low of 97.4.

President Trump threatened to impose 10% tariffs on Chinese imports worth $300 billion, starting from September 1st, in addition to news reports yesterday saying that Washington may impose new sanctions on Huawei.

While the Chinese Ministry of Commerce ordered state-owned companies to stop purchasing any US agricultural products until the trade talks pace with Washington becomes clear.

At London metal exchange (LME), aluminum fell by 0.8% to $1745 per tonne, with a high of $1767.5 and a low of $1744.8.