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Global Aluminum Prices Soared Owing To US-Russian Trade Relations
- Apr 24, 2018 -

In recent days, aluminum market prices have continued to soar. Since April 6, the United States has announced that Rusal has taken measures to implement sanctions, the aluminum has been pulled from USD 2006 to 2566, an increase of nearly 30%.

 

Last week, Russell confirmed that it will remove Rusal from the stock index, and LME and CME have announced restrictions. Rusal products sold after April 6th cannot enter the LME warehouse, and COMEX immediately withdraws Rusal’s product delivery and guarantees. In addition, the London Metal Exchange restricted the use of RUSAL's supply of aluminum from Tuesday. In the London Metal Exchange warehouse, aluminum inventories produced by UC RUSAL account for more than one third.

 

Rusal is the world’s second-largest aluminum producer. Rusal’s output accounts for 7% of the global supply. The US’s sanctions against Rusal have triggered concerns about aluminum supply.

 

Due to the sharp decline in global production, the recent surge in aluminum prices has also attracted the attention of Wall Street giant Goldman Sachs. According to Goldman Sachs, aluminum may challenge the $3,000 in the short term.