Lhe price of aluminum saw a record rise on Monday after the announcement of new sanctions imposed by the United States and the United Kingdom on the trade in Russian metals. Aluminum, copper and nickel produced in Russia can no longer be traded on the world’s two largest metal exchanges, located in London (LME) and Chicago (CME).
Both countries hope, through this measure, to dry up an important Source of revenue for Russia in order to reduce the Kremlin’s war chest. The world’s largest country is a major producer of metals, supplying 6% of the nickel, 5% of the aluminum and 4% of the copper produced worldwide.
Read also
Power plants bombed in Ukraine: “Without electricity, everything can stop, we are returning to the stone age”
The ban applies to metals produced after April 13. Trading in Russian metal stocks already listed on the Chicago and London stock exchanges remains permitted.
The price of aluminum jumped 9.4% in London on Monday, recording its largest increase since the launch of the contract for this metal in 1987. This surge propelled the price of aluminum to its highest level since June 2022. Nickel also saw its price increase by almost 9%. Copper, for its part, posted a more moderate price increase, after reaching its highest level since the start of last year last week.
