Aluminum Drops After Iran Says Strait of Hormuz Is Fully Open

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran:Prices for aluminum had surged to their highest in more than three years.Aluminum prices sank in London after Iran said the Strait of Hormuz was open for cargoes to transit, a move that would allow the metal to be exported out of key producers Bahrain, Saudi Arabia and the United Arab Emirates.Three month aluminum futures on the London Metal Exchange fell by as much as 5.7% on the news, last trading at $3,540 a ton as of 2:44 p.m. London time.