AA - Aluminum And Nickel Prices Jump As Russian Trading Ban Takes Hold

2024-04-15 09:37:19 ET

Prices for %Aluminum and %Nickel are rising sharply as new sanctions on the trading of Russian metals on American and British exchanges take hold.

The new restrictions prevent the trading of aluminum, nickel, and copper from major exporter Russia as the Group of Seven nations try to curb Russian revenue earned on those metals.

The trading restriction is the latest sanction imposed on Russia following its invasion of Ukraine two years ago.

On the London Metals Exchange, the price of aluminum surged as much as 9% to more than $2,700 U.S. a ton, while nickel’s price rose about 4% in trading today (April 15).

Russian metals are no longer allowed to be traded on either the London Metals Exchange or Chicago Mercantile Exchange.

The new ban on trading Russian metals has also sent mining stocks sharpy higher.

Shares of aluminum producer %Alcoa (NYSE: ) are up 4% and trading at $36.70 U.S. per share, while miner Rio Tinto’s (RIO) stock is up 3% and trading at $67.74 U.S. a share.