London Metal Exchange aluminum topped $2,400 a ton on Monday for the first time in more than six years.
ALUMINA: Prices of alumina, the raw material for making aluminium, have surged after Rio Tinto last week declared force majeure because of the sanctions on Rusal.
Aluminum, nickel prices rally to multi-year highs on sanctions fears
"As sanctions take immediate effect, the Russian supplier has been shut out of the Western financial system, crushing its share price".
The aluminum market is in turmoil following the USA action against Russia's Rusal, which has unleashed a supply shock that's still unfolding as the company accounts for about 17 percent of worldwide production outside China. But the move falls short of broad monetary easing, with the authority attaching requirements on how funds must be used.
TransContainer, Russia's largest freight container operator which said it handles between 25 and 30 percent of Rusal's exports, said Rusal had suspended exports through the TransContainer network.
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Rio is reviewing Rusal's 20 percent stake in the Queensland Alumina refinery, Rusal's supply and offtake arrangements, bauxite sales to Rusal's refinery in Ireland and offtake contracts for alumina.
RUSAL HALTS ORDERS: Rusal has stopped placing orders with two logistics firms that ship its exports, in a sign of deepening problems for the company.
Top commodity dealers in Japan have asked United Company RUSAL to stop shipping refined aluminum and other products after the Russian firm was added to the USA sanctions list.
China cranks up heat on U.S. sorghum, eases on autos
This will be followed by the removal of ownership obstacles in 2022 for makers of commercial vehicles and passenger cars. It said prices of USA sorghum fell 13 percent from 2013 to 2017, while shipments increased 14-fold.
This is expected to be hard as most of its Japanese customers use local banks, which are wary of any business involving companies on a us sanctions list, the source said. "The sanction came as a total surprise and we are in an nearly panic situation", a source at another trading company said.
INDONESIA EXPORTS: Indonesia exported 8,637,595 tonnes of nickel ore up to March 31, 2018 since its ore export policy was revised in January 2017. In Shanghai, copper gained 0.6 percent to end at 51,170 yuan.
Benchmark aluminium on the London Metal Exchange closed 5 percent higher at $2,399 per tonne after earlier touching its highest since September 2011 at $2,403. The dollar edged up.
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