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Aluminium hits 16 month low as it withdraws Rusal sanctions

Metal News - Published on Fri, 21 Dec 2018

Image Source: Reuters
Reuters reported that London aluminium prices sank to a 16 month low in early Asian trade on Thursday after the United States said it would withdraw sanctions on Russian aluminium producer United Company Rusal. Most dollar-denomintaed metals, including copper, were trading lower after the U.S. Federal Reserve on Wednesday raised interest rates for the fourth time this year and signalled further hikes ahead. Higher interest rates tend to push commodity prices lower, because they mean higher borrowing costs, which can reduce economic activity and consumption, as well as higher costs for inventory financing.

Three-month aluminium on the London Metal Exchange fell by as much as 1.1 percent to USD 1,905.50 a tonne, the lowest since Aug. 4, 2017, and stood at USD 1,910 a tonne as of 0144 GMT. The most-traded February alumnium contract on the Shanghai Futures Exchange slipped by 0.4 percent to 13,635 yuan (USD 1,974.37) a tonne.

The LME said it proposed to lift its suspension on aluminium produced Rusal if US sanctions are lifted.

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Posted By : Rabi Wangkhem on Fri, 21 Dec 2018
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