BEIJING: Aluminium and nickel futures jumped to multi-month highs on Monday following fresh sanctions by the US and UK targeting Russian metals. Russia is a major producer of aluminium and nickel.
It also produces copper and some other metals.
Three-month aluminium on the London Metal Exchange jumped 5.2% to $2,624 per metric ton by 0148 GMT, the highest since June 2022.
The LME nickel contract advanced 3.4% to $18,400 per ton, the highest since September 2023.
On Friday, Washington and London prohibited metal-trading exchanges from accepting new aluminum, copper and nickel produced by Russia and barred the import of the metals into the US and Britain.
The sanctions aim to restrict revenues for Russia from the export of metal produced by companies such as Rusal and Nornickel that help to fund its military operations in Ukraine.
Shanghai aluminium hits two-year high, set for 7th weekly gain
On the Shanghai Futures Exchange (SHFE), the most-traded June aluminium contract rose 1.4% to a two-year peak of 20,865 yuan ($2,883.06) per ton, while nickel was up 1.5% at 139,380 yuan.
LME copper added 0.3% to $9,486.50 per ton, tin gained 0.8% to $32,615 a ton, while zinc slid 0.8% to $2,806, lead lost 0.5% at $2,165.
SHFE tin rose 1.6% to 253,010 yuan a ton, zinc held steady at to 22,840 yuan, lead edged up 0.3% at 16,735 yuan, and tin was up 1.6% at 252,940 yuan.
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