ASIAN MORNING BRIEF 18/04: LME aluminium closes above $2,400/t; US sanctions vs Russia could have far-reaching repercussions, Lord Copper says; Largo eyes 25% increase in vanadium output at Brazil mine
Date: Apr 20, 2018
The latest news and price moves to start the Asian day on Wednesday April 18.
Aluminium prices on the London Metal Exchange closed above $2,400 per tonne on Tuesday April 17 for the first time since September 2011, continuing the strong momentum triggered by the United States’ imposition of sanctions against Russian aluminium producer Rusal. Read more in our live futures report.
Here are how prices looked at Tuesday’s close:
President Donald Trump’s import tariffs might have been welcomed by US manufacturing sectors for being supportive of domestic production but the sanctions against Russia and Rusal-made aluminium could have far greater repercussions, Lord Copper muses.
Canada’s Largo Resources Ltd plans to expand production capacity at the Maracás Menchen mine in Brazil’s Bahia State, targeting an increase of at least 25% from current levels by June 2019, the company said.
The European and US vanadium markets retreated last week, with traders continuing to sell off inventories to protect against weakening prices in the Chinese market as well as slowing spot market demand.
