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Jun 01, 2023LIVE UPDATES | CONCLUDED
Last Updated:
May. 18, 2023 at 8:42 PM EDT
22 days ago
By
Hardika Singh
Prices for aluminum trading in London have outperformed other base metals—including zinc, tin, nickel, lead, copper—over the past two weeks.
Natalie Gray-Scott, a metals analyst at StoneX, says one reason is that more than half of the aluminum held by the London Metal Exchange warehouse was from Russia—more than the 36% for copper or the 20% for nickel. Almost none of the lead, zinc and tin held is from Russia.
Why does the origin of metal matter? Though the U.S. has imposed tariffs on aluminum out of Russia, many European countries haven't placed any sanctions. So while the aluminum is available for consumption, buyers consider it off-limits, with many self-sanctioning due to reputational risk, according to Gray-Scott.