Aluminum recovers some losses

Aluminum rose on Thursday, recouping some of the previous session’s losses, as supply uncertainty from Russia increased price volatility.

Benchmark aluminum on the London Metal Exchange (LME) rose 2.5% to $3,424 a tonne after soaring as much as 6.5%.

Prices of aluminum, used in transportation, construction and packaging, soared 20% following Russia’s attack on Ukraine on February 24, reaching an all-time high of $4,075.50 on Monday, before falling to $3,300 on Wednesday. .

Russia supplies about 6% of the world’s aluminum. It is also a major producer of other metals, as well as the gas and coal used to fuel smelters.

Many companies have stopped using Russian products, which has caused a contraction in supply and large price increases for all raw materials.

The LME does not expect to resume nickel trading before Friday, having halted trading on Tuesday when a selling shock sent prices soaring above $100,000 a tonne.

Among other base metals, copper on the LME gained 1.2% to $10,126 a tonne; zinc fell 3% to $3,822.50; lead fell 2% to $2,357; and tin fell 0.6% to $43,955.

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