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Thursday, February 22, 2024

Aluminum Jumps After Australian Ban on Alumina Exports to Russia

Aluminum Jumps After Australian Ban on Alumina Exports to Russia
© Bloomberg. Rolls of sheet aluminum in a storage area at the Impol Seval AD Sevojno plant in Sevojno, Serbia, on Thursday, March 17, 2022. The cooling of metal markets contrasts with the sharp moves higher earlier this month, when both copper and aluminum touched new records. Photographer: Oliver Bunic/Bloomberg

(Bloomberg) — Aluminum jumped at the open in London after Rio Tinto (NYSE:RIO) Group moved to halt alumina shipments to Russia, another threat to global supply of the so-called everywhere metal that will also fan global inflation.

See also: Rio in Spotlight After Australia Bans Alumina (OTC:AWCMY) Exports to Russia

The metal rose as much as 4.8% on the London Metal Exchange and was trading up 4.1% at $3,519 a ton as of 9:47 a.m. in Shanghai. Used in everything from cans to window frames, aluminum has risen around 25% this year.

©2022 Bloomberg L.P.

Source: Investing.com

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