Aluminum began to rise in price after the introduction of sanctions against Russian raw materials
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The ban imposed by the United States and Great Britain on the import of Russian aluminum, copper and nickel, as well as on their trading on the Chicago Mercantile Exchange (CME) and the London Metal Exchange (LME), led to their rise in price. On the day the sanctions were introduced, April 12, the price of aluminum on the LME jumped 9.4%, the highest since 1987, while nickel rose 8.8%, reports Bloomberg.
Today, April 15, the price of nickel on the London Stock Exchange at the opening of trading grew by 8.33%, to $19.17 thousand per ton. The cost of aluminum was up to $2684.5 per ton, up 8.31%. The agency notes that as of the end of March, Russian metal accounted for 91% of aluminum, 62% of copper and 36% of nickel reserves on the LME.
The US Treasury clarified that the restrictions will affect metals released after April 13. At the same time, the American department admitted that in some cases the import of aluminum, copper and nickel shipments may be permitted as an exception. Following the introduction of US sanctions, LME warned that they would result in uncertainty in the aluminum, copper and nickel markets. Currently, the exchange warehouses store 400 thousand tons of Russian metal out of 1 million tons of total reserves.
Details – in the material “Kommersant” “Russian metal will not go to London”.
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