UNITED STATES (OBSERVATORY) – Aluminum climbed to a six-year high on Friday and posted its biggest weekly gain after the United States imposed sanctions on Russia’s biggest metal producer Rosal.
Aluminum traders were scrambling to store aluminum this week amid concerns that the removal of Rosal’s supply from the market would lead to supply shortages.
Standard metals contracts on the London Metal Exchange (LME) hit their highest level since March 2012 at $ 2,340 a tonne before falling to a low of 1.7 percent at $ 2285.
Over the course of the week, aluminum posted a 12 percent jump in its biggest week of gains since the London Stock Exchange began trading in 1987, according to Reuters data.
Among other industrial metals, copper contracts closed 0.1 percent higher at $ 6,830 a tonne, and zinc contracts rose 0.7 percent to $ 3,117 a tonne.
Lead contracts closed 1.3 percent lower at $ 2,303 a tonne, while nickel futures rose 1.6 percent to $ 13940 a tonne. Tin contracts rose 0.7 percent to $ 21,000 and $ 50 a tonne.