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...