LIVE FUTURES REPORT 16/02: LME Al rallies 2% on US import tariff recommendations; copper hits one-month high
The three-month aluminium price rallied 2% to a two-week high on the London Metal Exchange at the close on Friday February 16, with spreads moving into a significant backwardation.
The latest rally comes as news breaks that the US Department of Commerce has advised President Trump on tariffs on aluminium and steel.
Secretary Ross has recommended three possible tariffs to President Trump: A tariff of at least 7.7% on all aluminium exports from all countries, or a tariff of 23.6% on all products from China, Hong Kong, Russia, Venezuela and Vietnam.
A third recommendation is a quota on all imports from all countries equal to a maximum of 86.7% of their 2017 exports to the United States.