Aluminum prices rose for the seventh consecutive session, their longest winning streak in more than a year, supported by expectations of a Federal Reserve rate cut at this week's meeting, which pressured the dollar and boosted industrial metal prices.
During Monday's trading, the most actively traded aluminum futures contract on the London Metal Exchange (LME) touched $2,705 a ton, its highest level since March, before paring gains to $2,694.5 a ton.
Aluminum has been supported in recent weeks by increased requests to withdraw the metal from LME warehouses, reflecting increased demand and raising supply concerns, according to Bloomberg.
Investors are awaiting the Federal Reserve's monetary policy decision on Wednesday, with expectations of monetary easing growing, negatively impacting the dollar
