LME aluminum & nickel prices soar as US & UK sanctions on Russian metals
Aluminum and nickel prices surged by around 9% on the London Metal Exchange (LME) on April 15. The reason was that the United States and the United Kingdom announced new sanctions, requiring LME to ban trading new Russian supplies of aluminum, copper, and nickel after midnight on April 12.
Russia is an important producing country, accounting for 6% of the world's nickel supply, 5% of aluminum supply, and 4% copper supply.
LME has implemented daily price limit measures. The daily price limit for copper and aluminum is 12%, and that for nickel is 15%.
