London aluminum futures surged to the highest level in nearly four years, boosted by Trump's downplaying of the dollar decline, which lifted basic metals.

The London aluminum futures rose to their highest level in nearly four years, following US President Trump's statement that he is not worried about the weakening US dollar, causing prices of base metals to rise. When asked about his views on the recent weakness of the US dollar, Trump replied that the dollar is "doing great," intensifying market pessimism towards the US dollar. The Bloomberg Dollar Index fell by nearly 3% in the four trading days leading up to Tuesday, enhancing the attractiveness of bulk commodities priced in US dollars. Base metals had a strong start in 2026. In addition to the weakened US dollar, base metals also benefited from funds rotating towards "harder" assets as investors moved away from currencies and sovereign debt due to concerns about deficits. Goldman Sachs raised its forecast for aluminum prices in a report, citing continued bullish sentiment from investors. As one of the institutions that have been bearish on aluminum in recent months, Goldman Sachs currently expects the average aluminum price for the first half of the year to be $3,150 per ton, higher than the previous forecast of $2,575, but still lower than the current price levels. London aluminum futures rose by 1.5% to $3,253.5 per ton, reaching the highest level since the Russia-Ukraine conflict in April 2022. London copper futures rose by 1.3%, while zinc futures rose by 1.5%.