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Metals Spike on LME After Russian Supply Hit by US, UK Sanctions
Aluminum and nickel surged on the London Metal Exchange as traders responded to new US and UK sanctions that banned deliveries of any Russian supplies produced after midnight on Friday. The new restrictions, aimed at curbing President Vladimir Putin’s ability to fund his military, inject major uncertainties into metals markets that have already been reshaped in the aftermath of Russia’s invasion of Ukraine. Aluminum jumped as much as 9.4%, the most since the current form of the contract was launched in 1987, while nickel rose as much as 8.8%. That suggests traders believe that removing one of the largest ... (full story)