UK sanctions on Russian metals spark panic: palladium surges nearly 12%, copper prices hit biggest intraday gain in 11 months

As the British government announced on Thursday that it would implement new sanctions against Russian metals, the global metals market experienced violent fluctuations overnight: palladium soared nearly 12%, while copper prices also recorded their largest increase in 11 months.

The British government announced on December 14th that it had implemented a ban on the export of a number of dual-use military and civilian goods to Russia and banned the import of certain Russian-made metals. In addition, it also passed a law banning the import of diamonds from Russia.

The document lists copper, nickel, aluminum, lead, zinc, tin and cobalt as restricted objects, but does not mention precious metals such as palladium.