ARNC - Aluminum surges after Australia bans alumina exports to Russia

Aluminum prices in London jumped following after Australia's announcement that it will ban exports of alumina and aluminum ores to Russia, raising fears of supply disruption of the metal. LME aluminum (LMAHDS03:COM) surged as much as 5.1% to $3,554/metric ton and recently traded +3.7% at $3,507/ton, according to Reuters; the most-traded May aluminum contract on the Shanghai exchange closed +2.3% at 23,105 yuan/ton ($3,635). Rio Tinto (NYSE:RIO) says it will comply with the Australian government directive and that it is in the process of terminating its commercial relationships with Russian businesses. "The demand for aluminum has soared globally while there is a supply deficit that may keep supporting aluminum prices in the near-to medium-term," Kunal Sawhney, CEO at research firm Kalkine, told Reuters. Potentially related tickers include AA, CENX, ARNC, KALU, ACH Meanwhile, LME nickel (LN1:COM) fell by the daily limit for a fourth straight session, -15% to $31,380/ton, within

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Aluminum surges after Australia bans alumina exports to Russia