Aluminum and copper prices drop with the rise of the dollar against other currencies

Aluminum and copper prices saw a slight decline when the US dollar recovered from its losses after US President Donald Trump rejected a member of the Federal Reserve from her position. The prices of industrial minerals on the London metal share exchange have dropped, while an indicator measured the power of the US dollar. The rise of the US currency reduces the demand for basic commodities as it becomes more expensive for other currencies. Trump’s move came to reject Federal Reserve Lisa Cook to open the door for a legal battle over the political independence of the institution. The dollar was witness to extensive sales operations after the dismissal announced on Monday, amid the expectation that Trump’s candidates will speed up interest rates. The profits of the industrial sector in China at the same time showed the data released on Wednesday that the profits of the industrial sector in China last month fell 1.5% compared to the previous year, which recorded the lowest level since its collection in May. Manufacturing has recorded a much faster growth in profits, while raw material production companies, steel manufacturers and oil refineries turned from losses to profits. Also read: “Alaua”: Trump fees added $ 115 million to the cost of aluminum that Beijing’s efforts to reduce surplus production capacity begin to reduce the intensity of fierce competition between producers, which in turn can increase the consumption of industrial minerals. Although the circulation of buyer has been in a relatively narrow range since the beginning of the month, the dollar drop has been delivering some prices for prices since the beginning of August. Copper price fell 0.4% to $ 9,794 per ton at the London Metal Stock Exchange at 10:25 a.m. in London, while the price of aluminum fell by 0.8%. On the other hand, iron ore rose 0.2% to 102.5 dollars per ton, while futures in the Dalic Stock Exchange in the city of Shanghai fell.