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LME aluminium gains are expected to record the biggest weekly gains

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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London aluminum rose on Friday, expected to post its biggest weekly gain, as further sanctions against Russia heightened fears
of supply disruptions.

Period aluminum

Commodity markets extended their bull run on Thursday, with aluminum prices hitting record highs and palm oil near record highs, while crude oil and wheat prices hit multi-year highs as the Russia-Ukraine conflict disrupted global trade flows
.

Aluminum is widely used in the transportation, packaging and construction industries
.
Russia produces about 6% of the world's aluminum, 7% of the world's nickel and 3.
5%
of the world's copper.
The country is also a major producer of natural gas, which is used to generate electricity and provide electricity
for aluminum production.

Three-month aluminum on the London Metal Exchange (LME) hit a record high of $3,850 and was last quoted at $3,795 a tonne, up 2.
11%.

It is already up 14% this week and is on track to record its biggest weekly gain
.

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