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London aluminium prices traded higher for a sixth straight session on Wednesday, as the fallout from US sanctions on Russian producer United Company Rusal continues to roil metals markets.
The London Metal Exchange (LME) will suspend Rusal's aluminium from its list of approved brands from April 17 after some members raised concerns about settling LME contracts with sanctioned companies, LME Chief Executive Matt Chamberlain told Reuters.
LME aluminium
Three-month aluminium on the LME was trading at $2,204 at 0151 GMT, up 0.1 per cent from the previous close but down from a 10-week high of $2,242 hit during electronic trading on Tuesday after the LME said it would take steps to keep Rusal aluminium out of its warehouses.
SHFE aluminium
The most-traded June aluminium contract on the Shanghai Futures Exchange edged up 0.1 per cent to 14,360 yuan ($2,286) a tonne.
Rusal said on Wednesday that two of its non-executive directors resigned after the company's inclusion on a new list of US sanctions targeting Russian companies and their owners.
Rusal's dollar bonds slumped to record lows, two major customers said they were reviewing their contracts, and the LME distanced itself from the aluminium giant, in the latest aftershocks from US sanctions.
Rio Tinto Plc, is reviewing its dealings with Rusal to ensure compliance with US sanctions, a top executive had said on Tuesday, but added it was too soon to discuss the future of its Australian venture with Rusal.
The US unit of China's oil major Sinopec Corp is procuring copper to send to its equipment suppliers in China, two sources familiar with the matter told Reuters, a rare move by a Chinese oil company.
Miner South32 Ltd said on Wednesday it plans to appeal a ruling by Colombia's constitutional court that it must pay damages over the health and environmental impact of its Cerro Matoso nickel mine.
Asian stocks were firm on Wednesday as investors lapped up the positive mood in markets after China's President Xi Jinping helped ease fears over a US-China trade row, while the euro hovered near two-week highs.
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