Aluminum prices are climbing to a new record in London, while nickel is hovering high for more than 10 years as the start of the Russian invasion of Ukraine intensifies the risks to supply in a market that was already experiencing disruption due to the pandemic.
Aluminum was seen to jump 4.8% earlier to $ 3,449 a ton on the London Metal Exchange, surpassing its previous record since 2008, according to Bloomberg.
Nickel, meanwhile, is climbing to its highest level since 2011.
“The market will monitor whether [η ρωσική εισβολή] will cut off aluminum rod shipments from Russia to Europe, “Zhru Mingzheng, an analyst at Jinrui Futures Co., told Bloomberg. warns.
Bloomberg also reminds that the US decision in 2018 to impose sanctions on the producer United Co. Rusal International PJSC led prices to record a rally of about 30%.
Aluminum traded at $ 3,396.50 a tonne on the LME, while nickel jumped 3.6% to $ 25,285 a tonne, climbing to its highest level since May 2011.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
