BREAKING: Aluminum and nickel prices jump as LME consider ban on Russian metals

10:04 AM 29 September 2022

Media reported that London Metal Exchange (LME) will consult on the introduction of a ban on trading in Russian metals. LME will begin discussions that will be the first step towards a potential ban on new supplies of Russian metals. Russia is a significant producer of nickel, aluminum and copper and a ban could have significant implications for the markets. Recall that it was fear of sanctions disrupting Russian nickel supplies that triggered a massive short squeeze on nickel back in March.

Market reaction could be spotted mostly on NICKEL and ALUMINUM with both metals jumping around 4% on the news. However, part of the upward move was erased already.

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Nickel and aluminium jump on news of potential LME ban on Russian metals. Source: xStation5

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