Aluminum Prices face Pressure as US lifts some Russian Sanctions
Aluminum prices may fall with lifting of Russian Sanctions
The United States Treasury announced on Wednesday that they would be lifting sanctions on the core empire of Russian businessman Oleg Deripaska, which includes aluminum giant Rusal. Rusal, the world’s second largest aluminum producer has been dealing with sanctions imposed by the United States since April. As a result, The London Metal Exchange said that it would lift its suspension on aluminum produced by Rusal since the U.S. sanctions were removed. This could put more pressure on the already weakened aluminum market and may move the price into the lower .80’s and take us out of this small (2 cent) trading range that aluminum has been having for the last 30 days.