Aluminum price heads for longest winning streak in a year

Aluminum climbed for a seventh session ahead of this week’s Federal Reserve meeting, which could lead to an interest rate cut.

Benchmark aluminum on the London Metal Exchange rose alongside equities in Asia, with the metal on track for the longest run of gains in more than a year. Prices climbed as much as 0.6% to $2,705 a ton — the highest level since March — before easing back.

Investors are waiting for the Fed’s policy decision on Wednesday, with growing expectations of monetary easing weighing on the dollar and lifting industrial metals. Aluminum has been supported in recent weeks as requests to withdraw inventories surged, fueling ongoing concerns about supply.

Aluminum was 0.2% higher at $2,694.50 a ton as of 12:18 p.m. in Singapore time. Copper was up 0.2%, with zinc and nickel also edging higher.

(By Jessica Zhou)