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Aluminum Prices Sink to 16-Month Low As USA Lifts Sanction on Rusal

December 20, 2018 at 19:08 by Vladimir Vyun

Back in April, the United States imposed sanctions on companies with shares owned by Russian businessman Oleg Deripaska, citing “malign activities” by Russia. Among companies suffering from the sanctions was Russian aluminum giant Rusal as well as its parent company En+. Prices for aluminum surged to the seven-year high after the announcement of the measures. Yet after lobbying from European countries, Washington agreed to lift sanctions if Deripaska relinquishes control of Rusal. That led to a surge of Rusal shares and a slump of prices for aluminum.

Aluminum for delivery in three months dropped 0.8% to $1,912 per metric ton on LME today. Earlier, the metal sank to $1,905.5 per ton — the lowest since August 4, 2017.

If you have any questions and comments on the commodities today, use the form below to reply.

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