Aluminium continued to rally on the London Metal Exchange at the close of trading on Wednesday April 11, climbing 1.7% and recording its highest close since January 2.
The spike in the metal's three-month price comes after the USplaced sanctions against key Russian firms, notably Rusal, prompting tightermarkets.
Following the announcement, the LME implemented a, "temporary conditional suspension" on placing Rusal's metal on-warrant.
"I think the first wave of panic is recovering. There's a vasttonnage of aluminium out of circulation and the second wave is that riskmanagement departments are pushing the panic button," Malcolm Freeman, directorof Kingdom Futures told Metal Bulletin.
The light metal's volumes continued to approach recordheights, surpassing 36,000 lots at the close of trading....