Aluminum jumps to a near 7-year high as Trump sanctions hit Russia
Markets Insider
- Aluminum prices have jumped to a near seven-year high on Tuesday as the impact of US sanctions against Russia continues to impact the global supply of the industrial metal.
- Just under two weeks ago, the Trump administration announced sanctions on more than a dozen Russian entities, including United Co. Rusal, the world's second-largest aluminum producer. Rusal has seen its share price plunge.
- The news caused aluminum prices to skyrocket, and they have continued to do so over recent days, with Tuesday seeing a 5% rise in prices. Aluminum is trading at around $2,400 per ton.
- 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.
- Aluminum initially fell in March after President Donald Trump announced tariffs on Chinese steel and aluminum imports, but exempted Canada and Mexico from similar import taxes.
- You can track the price of aluminium with Markets Insider.
See Also:
- Dow set to dive more than 200 points after Trump escalates Russia tensions
- The ruble is on track for its worst week since 1999 as Trump tells Russia: 'Get ready'
- The Russian ruble is getting killed for the second day running — and analysts think things could get worse
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