Thursday , March 21 2019
Home / Commodity Blog / Aluminum Prices Sink to 16-Month Low As USA Lifts Sanction on Rusal

Aluminum Prices Sink to 16-Month Low As USA Lifts Sanction on Rusal

Summary:
Back in April, the United States imposed sanctions on companies with shares owned by Russian businessman Oleg Deripaska, citing “malign activities” by Russia. Among companies suffering from the sanctions was Russian aluminum giant Rusal as well as its parent company En+. Prices for aluminum surged to the seven-year high after the announcement of the measures. Yet after lobbying from European countries, Washington agreed to lift sanctions if Deripaska relinquishes control of Rusal. That led to a surge of Rusal shares and a slump of prices for aluminum. Aluminum for delivery in three months dropped 0.8% to ,912 per metric ton on LME today. Earlier, the metal sank to ,905.5 per ton — the lowest since August 4, 2017. If you have any questions and comments on the commodities today, use

Topics:
Vladimir Vyun considers the following as important:

This could be interesting, too:

Mayumi Watanabe writes Insight: Aluminum costs push Japan’s brewers to put new beer in new bottles

Tom Balcerek writes Trump breaking supply chain eggs to make trade deal omelets

Jamila al Ibrahim writes Steel and the circular economy: Interview with Dr Edwin Basson, worldsteel director general

Karen McBeth writes Aluminum swings in the spotlight — largely a tale of scarcity concerns and tariffs

Back in April, the United States imposed sanctions on companies with shares owned by Russian businessman Oleg Deripaska, citing “malign activities” by Russia. Among companies suffering from the sanctions was Russian aluminum giant Rusal as well as its parent company En+. Prices for aluminum surged to the seven-year high after the announcement of the measures. Yet after lobbying from European countries, Washington agreed to lift sanctions if Deripaska relinquishes control of Rusal. That led to a surge of Rusal shares and a slump of prices for aluminum.

Aluminum for delivery in three months dropped 0.8% to $1,912 per metric ton on LME today. Earlier, the metal sank to $1,905.5 per ton — the lowest since August 4, 2017.


Commodity Blog, 2018. | Permalink | No comment | Add to

Better Feed from Ozh

Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

Leave a Reply

Your email address will not be published. Required fields are marked *