By Alexander Miller, consultant in energy and commodities markets. Eurasia Business news, September 29, 2022

Bloomberg reported that the London Metal Exchange (LME) is preparing to launch a discussion on a possible ban on the supply of Russian metals. Against the background of this news, the main exchange positions began to jump : aluminum prices grew by more than 7.3% ($ 2279 / ton) and nickel prices – by 5% ($ 22,889 / ton).

The cost of metals on the LME then began to decline. A ton of aluminum is now traded for $ 2124 (3-month Closing Price (day-delayed), a ton of nickel – $ 21,805 . Copper also rose in price by 1% – up to $ 7422 per ton.

In March, representatives of the LME said that they did not intend to impose a ban on trading in Russian metals on the stock exchange, since the imposition of sanctions is the competence of the state authorities. This week it became known that the European Union is developing new restrictions on the import of Russian metallurgical products.

Read also : How to invest in gold

As of June 2022, 197 thousand tons of finished steel products were imported monthly from the Russian Federation to the European Union. Only South Korea was able to increase metal exports to Europe – by 35%. A new shortage wave of metals in Europe will further inflation, which already hit the record of 9.1% in August.

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