ALUMINIUM as well as other base metals jumped after the United States and the United Kingdom announced new sanctions on Russian metals. US and UK banned trading in Russian aluminium, copper and nickel on London and Chicago exchanges, with US ban going live on April 12 and UK ban going in effect on April 13, 2024. While Russia accounts for small share of aluminium imports to the United States, it is a sizeable importer for Europe. Tighter supply will put upward pressure on prices in Europe.
Taking a look at ALUMINIUM chart at D1 interval, we can see that the metal launched new week's trading with a big bullish price gap and jumped to the highest level since early-February 2023. Part of the gain has been erased already but price continues to trade around 4% higher on the day. A key near-term resistance zone can be found in the $2,650 area, marked with local high from early-2023. COPPER trades 1.4% higher, while NICKEL jumps 2.1%.
Source: xStation5
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