Aluminium surges to new high

ALUMINIUM reached its highest point since 2011 on what was a positive session for base metals.

Aluminium surges to new high Aluminium surges to new high Aluminium surges to new high Aluminium surges to new high Aluminium surges to new high

Alumunium. Courtesy Rio Tinto

LME cash primary aluminium soared by another 5.2% to US$2411 per tonne, the highest price since September 2011, following last week's sanctions on Rusal.

UBS noted that in the December quarter, Rusal sold 45% of its product to Europe, 19% to Asia, 18% to America and 18% in Russia.

"In short, these issues are very disruptive to global trade," it said.

Nickel (of which Russia is also a major producer) jumped by close to 3%, pushing through $14,000/t for the first time since mid-2015.

Lead was also up by 3%, with copper up by 1.2%.

Cobalt was down slightly to $91,250/t.

Gold was higher than this time yesterday, rising to $1348.80 an ounce after the US dollar fell.

"Russia and China are playing the Currency Devaluation game as the U...

topics

loader