Zinc and Copper Jump After LME Bans New Metal From Russian Firm [Financial Post (Toronto, Ontario, Canada)]
Alcoa Corporation (AA)
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Source: Financial Post
(Bloomberg) — Zinc and copper climbed after the London Metal Exchange said it will restrict new deliveries of the metals from Russia's Ural Mining & Metallurgical Co. and one of its subsidiaries. Hurricane Ian footage shows thrill-seeking swimmers, yachts swept in streets Advertisement Starting immediately, metal from UMMC or its Chelyabinsk Zinc unit can only be delivered to LME warehouses if the owner can prove to the exchange that it won't constitute a breach of recent sanctions on the firm's co-founder, Iskandar Makhmudov. The move is by far the most significant restriction on Russian supplies by the world's main metals market since the invasion of Ukraine. That gave support to industrial metals, which have slumped this year amid concerns over demand from China's Covid Zero-impacted construction sector and a slowing global economy. Zinc is down about 30% since April, while copper has fallen 27% from a March peak. The metals industry has been grappling with how to handle
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