Metals Whipsawed as Sanctions on New Russian Supplies Rattle LME
- US, UK impose ban on exchanges taking new Russian metal
- Aluminum surged by as much as 9.4% before slumping back again
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Metals swung sharply, with aluminum surging by a record before later erasing most of its gains, as traders digest US and UK sanctions that banned delivery of new Russian supplies onto the London Metal Exchange.
The curbs on aluminum, nickel and copper announced late Friday don’t prevent Russia from selling its metals to buyers outside the US or UK, and don’t restrict the vast majority of the global trade in metals — which takes place directly between miners, traders and manufacturers rather than through the exchange.