Zinc, Copper Gain After LME Bans New Metals from Russian Giant [BNN Bloomberg (Canada)]
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: BNN Bloomberg
The bounce gave support to the 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 26% after a March peak. 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 sanctions. The industry has been grappling with the question of how to handle supplies from Russia -- a major producer of aluminum, nickel and copper -- since the invasion of Ukraine in February, and the debate has intensified over the past month. Some European buyers have been trying to avoid Russian supplies. Meanwhile, United Co. Rusal International PJSC said there's “no basis” for any moves by the LME to block its aluminum, ratcheting up its push back after US rival Alcoa Corp. said the exchange should stop accepting Russian me
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