Aluminum gets a short boost – ING

FXStreet Insights Team FXStreet

LME aluminum prices touched their highest in nearly a month this Wednesday, topping $2,600/t following the news that the European Union is considering more sanctions on Russian aluminum products. Prices later gave up the gains, ING’s commodity analyst Ewa Manthey notes.

EU is expected to adopt the new measures next month

“The draft measures would be part of the EU’s 16^th package of sanctions, marking the third anniversary of the war. Restrictions on aluminum would be gradual, with a timeframe and scope still to be determined, according to reports. The draft proposals are still being discussed between member states and could change before they are formally presented. The EU is expected to adopt the new measures next month.”

“The US and the UK banned the import of metals produced in Russia in 2024. The EU has so far banned aluminum products, including wire, tube, pipe and foil, which account for less than 15% of EU imports. Russia is the world’s largest aluminum producer outside China, accounting for about 5% of global aluminum production.”

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