Commodities: Aluminium futures sink as United States softens Rusal sanctions

26 April, 2018, 00:22 | Author: Teresa Adams
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With the company ostensibly sidelined for an indefinite period of time, global aluminum prices surged to a six-year high, while Rusal's share price plummeted by more than half.

The Office of Foreign Assets Control (OFAC) of the US Treasury extended the deadline for ending transactions with the Russian aluminum producer Rusal until October 23, 2018, the OFAC said.

Aluminum steadied after a four-day selloff that accelerated after the USA decision to ease sanctions against United Co.

Aluminum continued its downtrend on Tuesday (April 24) after the USA pointed to soften its sanctions stance on Russian companies, including aluminum giant Rusal. Aluminium on the London Metal Exchange dropped 1.8pc to $2,254.50 (€1,844.19) a metric ton after tumbling 7.1pc yesterday, the most in nearly eight years.

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The sanctions-hit energy and metals group controlled by Oleg Deripaska, which raised $1 billion when it was listed in London last November, said that it had appointed replacements for both positions and that they would take charge on May 1.

"Rusal has felt the impact of USA sanctions because of its entanglement with Oleg Deripaska, but the US government is not targeting the hardworking people who depend on RUSAL and its subsidiaries", Treasury Secretary Steven T. Mnuchin said in a statement.

"Rusal has approached us to petition for delisting".

After three weeks of intense volatility, metal markets seem to be calming down.

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The sanctions threatened the business of Rusal, which accounts for some seven percent of the world's aluminum production. It is expected to impact Rusal's smelter in Sweden, besides causing a disruption in the alumina supply chain. "It looks as if there was a lot of pressure from the United States aluminum downstream industry", he told the news agency Bloomberg.

En+ shares have halved since the sanctions were announced and a succession of non-executive directors...

The drop in aluminum prices on Monday also prompted a selloff in other commodity markets as optimism seems to be spreading that the United States isn't likely to impose further sanctions on Russia's metals and energy companies.

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