Aluminum Prices Soar After UK, U.S. Ban Russian Metals Trade

Aluminum prices rocketed to a record level following the UK and the US's decision to ban the trade of Russian metals to "prevent the Kremlin from funneling more cash into its war machine," according to a Euronews report.

At one stage in early morning trading, aluminium was up more than 9% on the London Metal Exchange.

At one stage in early morning trading, aluminium was up more than 9% on the London Metal Exchange (LME), marking the biggest rise seen since trading began in 1987. Nickel prices also rose, gaining more than 8% at one stage.

However, both metal prices later fell back.

The UK and US took the decision over the weekend to impose sanctions against Russia on new production of aluminum, copper, and nickel. Britain's Chancellor, Jeremy Hunt, stated that the ban would prevent the Kremlin from investing more cash into its war machine.

Russia's metal production accounts for approximately 5% of global aluminum supplies, 6% of nickel, and 4% of copper.