|
|
| |
|
|
Nickel and aluminium retreat after soaring on Russia sanctions fears-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
4/24/2018 Copper exhibition -non-ferrous metals expo |
--------------------------------------------------------------------------------------------------------------- |
|
Nickel and aluminium retreated in volatile trade after soaring to multi-year highs on fears over the impact of US sanctions on Russian companies, with analysts saying the gains were overdone, especially in nickel.
The US targets include Rusal, the world’s No. 2 aluminium producer, and traders fear the sanctions could be broadened to Nornickel, the world’s second-largest nickel producer.
Nornickel is linked with both Rusal and sanctioned Russian oligarch Oleg Deripaska.
Three-month nickel on the London Metal Exchange rose 9.3 % to a three-year high of USD 16,690 a tonne before retreating to end 1.3 % down at USD 15,075. It has risen nearly a third since sanctions were imposed on Rusal on April 6.
Aluminium hit its highest in almost seven years at USD 2,718 a tonne before closing 2.1 % down at USD 2,485. It has risen nearly 40 percent since the Rusal sanctions were imposed.
Mr Carsten Menke Julius Baer analyst said that “The US can’t afford to (impose sanctions on) Nornickel because they are so heavily reliant on palladium. The question is how the situation will evolve if tensions tighten between Russia and the US, that’s what the market is currently playing.”
Mr Menke said that “If any commodity moves more than 10 % in two days its either a severe disruption to supplies, which we don’t have in case, or its speculators. The rally is absolutely overdone.”
Mr Menke noted the situation in aluminium was different, given supply chains need to be reorganised to account for an actual disruption. “That takes time and against that backdrop higher prices are justified.”
Russian news agencies reported on Wednesday that the US administration had informed the Russian embassy in Washington that it had no immediate plans to impose further sanctions.
NATIONALISATION: A temporary nationalisation of Rusal is one of the options for helping the company, a Kremlin spokesman said.
RUSAL STOCKPILING: Rusal is stockpiling large quantities of aluminium at one of its plants in Siberia because US sanctions have prevented it from selling the metal to customers.
CHINA ALUMINA: Chinese traders are preparing to export alumina to reap the profits from record prices for spot cargoes after the United States imposed the Rusal sanctions.
有色金属展-铜材展-2018年广州国际有色金属工业（铜业）展览会
-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2018
Non-Ferrous Metal exhibition, Non-Ferrous Metal expo, 2018 Non-Ferrous Metal
expo, Copper exhibition, Copper expo, 2018 Copper exhibition, 2018 Copper expo,
China Copper exhibition, China Copper expo
|
|
|
|
|
