Guy Wolf, the global head of market analytics at Marex Spectron said Donald Trump's recent tariffs on aluminium were bearish for the price of the metal, but recent United States sanctions on Russian Federation, and Rusal in particular, were a "game-changer".
"If you look at the scope of Rusal supply, they were a very cost-efficient supplier and a very substantial one, and they were well meshed into a lot of other manufacturers downstream", Natixis analyst Cameron Karami said.
The sanctions, imposed in response to what the United States called "malign activity around the globe", caused shares in Rusal to nearly halve in value on the Hong Kong stock exchange on Monday.
Global aluminum prices reached their highest level since 2011, following the U.S. sanctions imposed on one of the largest companies in the sector - the Russian Rusal.
London Metal Exchange aluminum topped $2,400 a ton on Monday for the first time in more than six years. That is why the price move is so violent.
RIO TINTO: Rio last week declared force majeure on some customer contracts in light of the sanctions on Rusal, the world's second biggest aluminium producer, and said it is reviewing Rusal's 20 percent stake in its Queensland Alumina refinery.
EA Could Join The Battle Royale Party, Reports Say
The rest will come in a later update that you will have to download. "Let us know how you would like to see private matches used". We expect more information to be announced on May 17 with the game's official reveal, along with a spot within E3 2018 in June.
ALUMINA: Prices of alumina, the raw material for making aluminium, have surged after Rio Tinto said it could not fulfil supply contracts because of the sanctions on Rusal.
This is expected to be hard as most of its Japanese customers use local banks, which are wary of any business involving companies on a us sanctions list, the source said.
Russia's Norilsk Nickel is one of the largest nickel producers and so far has not been affected by US sanctions, but the market fears the sanctions could be extended.
INDONESIA EXPORTS: Indonesia exported 8,637,595 tonnes of nickel ore up to March 31, 2018 since its ore export policy was revised in January, 2017, government data showed. In Shanghai, copper gained 0.6 percent to end at 51,170 yuan.
Benchmark aluminium on the London Metal Exchange (LME) climbed to a high of $2,435 a tonne, a more than two per cent rise and its highest price since September 2011.
MARKETS: Asian shares edged higher, tracking gains on Wall Street, with Chinese equities ending firmer after Beijing boosted liquidity in the banking system.