SHANGHAI, Apr 24 (SMM) – SHFE aluminium prices fell throughout the day on Tuesday April 24 and closed 3.7% lower as the US Treasury Department signalled it may ease the sanctions against Russian aluminium producer Rusal.
Rusal’s share prices in Hong Kong soared 41% in the afternoon, marking the biggest jump in history. Nickel prices, on the other hand, looked set to return to fundamentals as speculations on the US sanctions softened.
The US Treasury on Monday extended the time limit for US and non-US citizens to wind up business with Rusal by almost five months. It may also cut or lift the sanctions if Oleg Deripaska sold his stake in the company.
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