SHANGHAI, Apr 12 (SMM) – Chinese and US aluminium manufacturers have benefited from the US sanctions on Russian producer Rusal as their share prices jumped amid concerns over tighter supplies of aluminium and alumina.
At the morning closing on Wednesday April 11, shares of Jiangsu Alcha Aluminium reached a weekly gain of 12.7%, while those of Yunnan Aluminium increased 8.7%. JiaoZuo WanFang Aluminium Manufacturing stocks rose 2% and Shandong Nanshan Aluminium was up 3.5%.
In the US, stock prices of listed metal manufacturing companies rose across the board with Century Aluminum leading the gain with over 12% rise on Friday April 6. On the same day, Arconic Inc rose nearly 5.4%, while Kaiser Aluminum inched up some 1%.
On the other hand, Rusal’s shares in Hong Kong slumped over 50.4% on Monday April 9. They tumbled 8.7% the next day to a record low since 2016.
While LME announced that it would suspend Rusal’s aluminium ingot from its list of approved brands from Tuesday April 17, COMEX said that it would not allow new deliveries of the Russian metal.
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