LIVE FUTURES REPORT 17/04: LME aluminium price passes $2,400/t; other base metals largely subdued

Aluminium prices on the London Metal Exchange reached a high of $2,435 per tonne during morning trading on Tuesday April 17, continuing its momentum in the wake of the US sanction against Russian aluminium producer Rusal.

The light metal’s three-month price has reached a seven-year high, rising more than 12% since the sanctions were announced on Friday April 6. Fresh deliveries for aluminium totaling 59,350 tonnes took place across the United States, Asia and Europe, with the LME’s conditional suspension of warranting Rusal material now in effect. This follows last week’s delivery of 100,000 tonnes into Rotterdam and Vlissingen on Thursday April 12. “There is now a procedure in place [LME notice on Rusal], which is unprecedented. There is no real power allowed. I suppose this is a necessary step from LME, its impact on price is difficult to ascertain however,” Robin Bhar, head of metals research...

Published

Hassan Butt

April 17, 2018

11:01 GMT

London