SMM4 23: according to foreign media reports, Beijing time at 8: 00 p.m. on April 23, the U. S. Treasury Department said that if Rusal's main shareholder Oleg deripaska gave up control of Rusal, the United States may relax sanctions on Rusal. At present, Rusal has applied to the United States for the lifting of sanctions. The US Treasury Department says the US government has issued a general mandate not to rely on hard-working workers from Rusal and its subsidiaries. Americans with Rusal under U. S. sanctions can lift their business with Rusal until Oct. 23.
By the end of the day, LME three-month aluminum fell 9.42 per cent to $2254.5 a tonne, while LME three-month nickel fell 3.87 per cent to $14280 a tonne.
Rusal's shares jumped more than 17 per cent on the Moscow Stock Exchange, their highest level in two weeks since April 9.
"this provides a considerable opportunity for the market to find alternative suppliers," said Ole Hansen, head of commodity strategy at Saxo Bank.
In addition, in response to US sanctions against Rusal, Russia has provided about 100 billion roubles ($1.6 billion) in aid to Russian companies, including Rusal, and will establish a department to coordinate and assist sanctioned Russian enterprises. RIA, another news agency, said Rusal had asked the government for support in terms of liquidity and aluminium demand. This has also provided a great help for Rusal's sales.
LME three-month aluminum price
LME three-month nickel price
Trend of dollar index
