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| Commodity News |
| HeadLine : |
London aluminium dips but on track for 7.6 pct weekly gain |
| Date : |
Apr 20 2018 |
London aluminium prices fell for a second day on Friday as a rally driven by fears of a supply shortage in the wake of U.S. sanctions on Russian producer United Company Rusal looked to lose momentum. Still, the metal is on track for a weekly rise of around 7.6 percent, having climbed 11.9 percent last week in the wake ofthe Rusal sanctions, its biggest weekly jump since 1988. Three-month aluminium on the London Metal Exchange was down 1.1 percent at $2,458.50 a tonne, after closing down 2.1 percent in the previous session. Earlier on Thursday, it hit a near seven-year high of $2,718. Russian aluminium giant Rusal is stockpiling large quantities of aluminium at one of its plants in Siberia because U.S. sanctions imposed this month have prevented it from selling the metal to customers. Kazakhstan is looking to open up new markets for its alumina exports, concerned that U.S. sanctions on Russian aluminium giant Rusal could hit business and jobs.
Source: Reuters
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