Aluminium prices on Tuesday jumped to near seven-year high as the US sanctions against Russia continues to impact the global supply of the industrial metal.
The Trump administration under two weeks ago announced sanctions on more than a dozen Russian entities, including United Co. Rusal, the world’s second-largest Aluminium producer. Rusal has seen its share price plunge.
The news caused aluminium prices to skyrocket, and they have continued to do so over recent days, with Tuesday seeing a 5% rise in prices.
Prices have been further boosted by President Trump threatening to levy further tariffs on Russia as a result of the recent chemical weapons attack in Syria. Trump has condemned Russia and Iran for supporting Syrian President Bashar al-Assad.
Aluminium initially fell in March after President Donald Trump announced tariffs on Chinese steel and aluminium imports, but exempted Canada and Mexico from similar import taxes.