Aluminium prices on Tuesday jumped to near seven-year high as the US sanctions against Russia continues to impact the global supply of the industrial metal.
The Trump administration under two weeks ago announced sanctions on more than a dozen Russian entities, including United Co. Rusal, the world’s second-largest Aluminium producer. Rusal has seen its share price plunge.
The news caused aluminium prices to skyrocket, and they have continued to do so over recent days, with Tuesday seeing a 5% rise in prices.
Prices have been further boosted by President Trump threatening to levy further tariffs on Russia as a result of the recent chemical weapons attack in Syria. Trump has condemned Russia and Iran for supporting Syrian President Bashar al-Assad.
Aluminium initially fell in March after President Donald Trump announced tariffs on Chinese steel and aluminium imports, but exempted Canada and Mexico from similar import taxes.
The post Aluminium prices jump to near 7-year high as Trump sanctions hit Russia appeared first on Businessamlive.