MoneyNewsTop News

Aluminum falls from a 7-week high with a bullish trend stalled by Rusal

UNITED STATES (OBSERVATORY) – Aluminum prices fell for a second straight session on Friday, with a rising trend triggered by US sanctions on Russian firm Rosal, the world’s second-largest metal producer.

Nickel prices have also fallen as concerns over Washington may expand its sanctions to Norilsk Nickel.

Standard aluminum contracts on the LME closed 0.6 percent lower at $ 2469 a tonne.

Trading was the lowest since April 6 when sanctions on Rosal and its owner, billionaire Oleg Deripaska, forced international banks, mining companies and bourses to curb ties with the Russian company.

Rosal contributed more than 6 percent of global aluminum production last year, and fears of a supply shortfall pushed prices to a seven-year high of $ 2,718 a tonne on Thursday. The metal is still up 23 percent since April 6.

Nickel futures were down 1.6 percent at $ 14830 a tonne after hitting a three-year high of $ 16,690 in Thursday’s session. Nickel ends the week with gains above 5 percent.

Among other industrial metals, copper contracts rose 0.1 percent to $ 6,992 per tonne and zinc contracts rose 0.3 percent to $ 3,322 a tonne. Lead contracts rose 1.2 percent to $ 2,365 a tonne, while tin contracts closed 1.3 percent higher at $ 21,725 ​​a tonne.