Aluminium prices rise as Biden weighs new Russian sanctions 

The Aughinish Alumina Refinery on the Shannon Estuary is owned by Russian firm Rusal 

Prices of aluminium and nickel advanced on speculation that a fresh wave of US sanctions against Russia may target metals and disrupt supplies. Any move may put fresh focus on Aughinish Alumina in the Shannon Estuary, which is owned by Russia's Rusal. 

US president Joe Biden said the US plans to unveil a “major” sanctions package against Moscow on Friday, although he wasn’t specific about which industries would be affected. Traders have been on the lookout for new restrictions on Russian metals, which had escaped broad sanctions until the UK announced its own curbs in December.

The proposed curbs would be designed to “hold Russia responsible” for the death of opposition leader Alexey Navalny, White House spokesperson John Kirby said. 

Aluminium futures rose as much as 3.4% on Wednesday, before paring some of the gain. “Prices are rising on the Biden news as investors are assessing the potential measures and impact,” Li Jiahui, an analyst at Shanghai Metals Market, said. “Investors are awaiting for the specific measures to land.” In December, the UK moved to block British individuals and entities from trading physical metals including aluminum from Russia. UK policy is important because of the significant role played by the London Metal Exchange in global metals markets. 

• Bloomberg and Irish Examiner