Aluminum on the LME rises to $2,400 per ton for the first time since August 31
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The price of aluminum on the London Metal Exchange (LME) on Thursday, October, grew by 2.5% and rose above $2,400 per ton for the first time since August 31. Futures for aluminum by 10:20 Moscow time grew by 1.68%, to $2391.5 per ton, and rose in price to $2419. Growth was also accelerated by the prices of copper and zinc.
Earlier today, October 6, LME informed, which will limit new supplies of copper and zinc from the Ural Mining and Metallurgical Company and its subsidiary Chelyabinsk Zinc Plant. The restrictions are related to British sanctions against businessman Iskander Makhmudov. Until March 2022, he was the ultimate beneficiary of UMMC.
Metals on the LME began to rise in price at the end of last week amid reports that the exchange may ban new deliveries of Russian metal to its warehouses. At the beginning of March 2022, the price of a tonne of aluminum hit a new all-time high, reaching $4,074.
Read more about a possible ban on Russian metals on the LME – in the material “Kommersant” “De-Russification of Supplies”.
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