CPER - What New Metal Sanctions On Russia Mean For Global Trade
2024-04-16 08:15:00 ET
Summary
- The London Metal Exchange has banned delivery of new Russian metal following sanctions imposed by the US and UK for Russia’s invasion of Ukraine.
- Russia accounts for about 6% of global nickel production, 5% of aluminium and 4% of copper.
- For nickel, Russia is the world’s second-largest producer of refined class 1 nickel behind China, the only type that is deliverable on the LME.
By Ewa Manthey
Metals prices will rise short-term, but there is a limit
No Russian nickel, aluminium and copper produced from 13 April onwards will be eligible for delivery to the LME or the Chicago Mercantile Exchange ((CME)). The US is also banning Russian imports of all three metals....
What New Metal Sanctions On Russia Mean For Global Trade