London aluminium hit a more than eight-month high on Friday, as traders assessed concerns over European Union envoys’ agreement to ban Russian primary aluminium imports in the sanctions package.
Three-month aluminium on the London Metal Exchange (LME) rose 0.2% to $2,732 a metric ton, as of 0414 GMT, after hitting its highest level since May 2024 earlier in the session.
“Aluminium led the sector higher after reports that the European Union backed a ban on Russian metal. EU Ambassadors agree to move forward with a fresh package of sanctions against the key supplier,” said Daniel Hynes, a senior commodity strategist at ANZ bank.
EU envoys on Wednesday agreed on a 16th package of sanctions against Russia, EU diplomats said, including a ban on primary aluminium imports, sales of gaming consoles and the listing of 73 shadow fleet vessels.
Meanwhile, US President Donald Trump said he would unveil fresh tariffs over the next month or sooner, adding lumber and forest products to previous plans for duties on imported cars, semiconductors and pharmaceuticals.
“Trump’s proposed tariffs will limit demand growth, in our view… Aggressive import tariffs can weigh on capex growth as business confidence will remain subdued,” ANZ said.
Aluminium hits one-month high as EU envoys agree ban on Russian aluminium imports
Attention will also be on China to see if the country unveils more stimulus at its National People’s Congress meeting in March, given the tariff war and concerns about slow demand.
LME copper fell 0.3% to $9,538.5, nickel lost 0.3% to $15,615, tin fell 0.2% to $33,345, zinc rose 0.2% to $2,925 and lead firmed 0.4% to $2,001.
SHFE aluminium rose 0.5% to 20,890 yuan ($2,885.24)a ton, SHFE copper fell 0.2% to 77,250 yuan, zinc climbed 0.6% to 24,100 yuan, nickel fell 0.1% to 124,540 yuan, lead gained 0.5% to 17,130 yuan and tin firmed 1.2% to 264,030 yuan.
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