LME aluminum futures rose on Tuesday, shrugging off pessimism in financial markets on concerns about the impact of the crisis in Ukraine on supplies in Russia, a major aluminium producer.
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17:00 London time (01:00 Beijing time on January 25th)), LME three-month aluminum prices rose 2.1 per cent, or $63.50 a tonne, to $3092 a tonne, in sharp contrast to declines in most other metals.
"as we can see, when Rusal was sanctioned a few years ago, prices soared," said Robin Bhar, an independent analyst. Therefore, if sanctions are imposed on Russia for its invasion of Ukraine, it could endanger the supply of many metals, including aluminum. " The price of Rusal, one of the world's largest aluminium producers, soared to a seven-year high after the United States imposed sanctions on the company in 2018.
"and because of the energy crisis in China and Europe, our annual production of 700000 tons has been cut."
Russia said on Tuesday it was deeply concerned after 8500 US soldiers were put on alert for deployment to Europe as the crisis in Ukraine escalated.
Global financial markets were nervous about growing tensions over Ukraine ahead of the Fed meeting. Global stock markets are on track for their biggest monthly decline since the outbreak began in March 2020.
Most base metals continued their decline after falling sharply on Monday.
The three-month nickel contract, the main force of the last exchange, once reached the limit of 8 per cent, falling to 163460 yuan per ton.
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Nickel for three-month delivery in LME fell 0.3 per cent to $22340 a tonne after plunging 6.8 per cent on Monday. Nickel prices hit $24435 a tonne last week, the highest level since August 2011.
The global zinc market gap fell slightly to 19700 tonnes in November, down from a revised shortfall of 22100 tonnes a month ago, while the lead market turned to a surplus of 20700 tonnes in November from a shortage last month, according to data released on Tuesday by (ILZSG), an international lead and zinc research group.
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