CENX - Why Century Aluminum Stock Is Surging Higher Today
2024-04-15 13:19:09 ET
A new round of sanctions against Russian metal supplies is reverberating through global markets on Monday. Shares of Century Aluminum (NASDAQ: CENX) , the largest U.S. aluminum supplier, traded up 10% as of midday as investors try to determine the ramifications of the latest geopolitical maneuvers.
On Friday, the United States and the United Kingdom opened a new front in the economic battle against Russia when they announced new curbs on aluminum, nickel, and copper originating from that nation. The moves do not prevent Russia from selling metals to buyers outside of the U.S. and U.K., but they do limit Russia's access to the London Metals Exchange.
That exchange's prominent role as a broker for the global metals industry should at least temporarily boost prices on the metals.
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Why Century Aluminum Stock Is Surging Higher Today