Aluminium hits $3,387/t as Trump's "Doing Great" dollar remark fuels metal rally

Global aluminium markets surged on Wednesday, pushing prices to their highest level in nearly four years as a sudden slide in the US dollar reignited risk appetite across base metals. The rally gathered pace after President Trump downplayed concerns over the greenback. Asked about the recent USD weakness, he told reporters it was “doing great,” reinforcing bearish sentiment on the currency and driving investors toward commodities.

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On the London Metal Exchange, aluminium futures (LMAHDS03:COM) jumped 2.3 per cent to USD 3,387 per tonne, while copper rose 1.5 per cent and zinc gained 1.9 per cent, underscoring a broad-based metals upswing.

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Goldman Sachs lifted its aluminium outlook “following the strong price performance and continued bullish sentiment from investors,” now projecting an average USD 3,150 per tonne in H1 2026, up sharply from USD 2,575 per tonne, though still below current spot levels.

Behind the surge lies a tight supply backdrop. Low global inventories, uncertainty around power availability for new Indonesian smelters, and steady demand from electric vehicles and grid upgrades continue to support prices, Goldman analysts noted. 

However, the bank reaffirmed its USD 2,400 per oz forecast for 2027, stating that it sees "an acceleration in aluminium supply growth to coincide with a slowdown in global demand growth, led by weaker automotive production growth and a contraction in solar module production." The bank does not expect aluminium prices to stay above USD 3,000.

Mining stocks reacted modestly, with Alcoa up 2.1 per cent and Century Aluminum 1.9 per cent, alongside moves in Rio Tinto (BHP), Kaiser Aluminum (KALU), Constellium (CSTM), Freeport-McMoRan (FCX), Southern Copper (SCCO), Ero Copper (ERO).

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