Aluminum Jumps to Record as Russian Attack Boosts Supply Risks
- Biden vows stiff sanctions after Putin sends troops to Ukraine
- Nickel hits highest since 2011 on risk of supply disruption
A 'Made in Russia' tag on a bound stack of aluminium ingots in the foundry at the Khakas aluminium smelter, operated by United Co. Rusal, in Sayanogorsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Aluminum rallied to a record in London and nickel surged to the highest in more than a decade, pacing gains in industrial-metals markets as the deepening Ukraine crisis added to supply risks in an industry already facing critical shortages.
The crisis in Ukraine is heightening concerns over the threat of supply disruptions in commodities from grains to metals and oil. Aluminum pared gains after a Bloomberg report that the Biden administration will hold off for now on sanctions against Russia on the metal.