EU Bans Russian Aluminum Imports, Market Uncertain on Long-term Impact

[EU Agrees to Ban Russian Aluminum Imports] The EU has issued another ban, agreeing to prohibit the import of Russian aluminum. However, the market remains uncertain about the long-term impact of current geopolitical tensions on metals, ultimately leading to a mixed performance in the London metal market overnight. Nickel prices rebounded from losses and closed higher again. Three-month nickel on the London Metal Exchange last closed at $15,420/mt, rising slightly by around 0.5% during the session. EU envoys agreed to ban the import of Russian primary aluminum under the 16th sanctions package, which will be adopted on Monday. EU diplomats stated that the ban on Russian aluminum imports will be implemented in phases within one year after its formal enforcement. Meanwhile, the market is also focusing on Trump's threat to impose a 25% tariff on automobiles and semiconductor chips.

Domestically, during the night session, Shanghai nickel futures first dipped and then rebounded, closing slightly higher, with resistance near the 124,000-yuan level. The final closing price was 123,980 yuan/mt, up by 200 yuan or 0.16%.