Shares of Norilsk Nickel and Rusal are declining amid US and British sanctions
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Shares of Nornickel companies (MOEX: GMKN), “Rusal” (MOEX: RUAL) and Rusolovo responded by declining to the ban on trading Russian non-ferrous metals on the Chicago Mercantile Exchange (CME) and the London Metal Exchange (LME). Norilsk Nickel shares fell to 160.96 rubles. per share (-2%), “Rusal” – up to 41.33 rubles. per share (-2.18%), Rusolovo – up to 1.2 rubles. (-3%).
Rusal said the new sanctions do not affect global supply chains or access to the banking system. The company also said it will retain the ability to provide hedging services to clients. The message is reported by Reuters.
At the same time, prices for aluminum and nickel on the LME rose to $2684.5 per ton (+8.31%) and $19.17 thousand per ton (+8.33%), respectively. Aluminum prices have jumped to their highest level since 1987.
On April 12, the United States imposed a ban on supplies of Russian aluminum, copper and nickel to the country. Global metal exchanges will be prohibited from accepting these metals from Russia. The UK, which limited the import of non-ferrous metals from the Russian Federation in 2023, joined the sanctions on trading platforms.
Read more in the publication “Kommersant” “Russian metal will not go to London”.
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