CSTM - Aluminum pops to new record high as Russia sanctions stepped up
London aluminum prices jump to another all-time high, reaching as high as $3,525/metric ton before trimming gains to $3,416/ton, +1.7%, amid increased Western sanctions including blocking some Russian banks from the SWIFT international payments system. Century Aluminum (CENX +2.1%) pops to a new 52-week high in early trading; other potentially relevant names open mixed, including AA +1.3%, ARNC -2.2%, CSTM -1.9%, KALU -2.6%, ACH +0.3%, ETF: JJU. Aluminum (LMAHDS03:COM) is on track to gain 13% in February, the biggest monthly rise since 2010; Russia produces ~6% of the world's aluminum and 7% of global nickel mine supplies. United Co. Rusal (OTC:UNRIF) said it halted shipments at an alumina refinery in Ukraine, a key source of raw material for its smelters in Russia. "There's no clear sanction that will target metals flows, but increasing numbers of Russian companies are being impacted and that has put the market on tenterhooks," ING Bank commodities
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Aluminum pops to new record high as Russia sanctions stepped up