Aluminium prices surged overnight after United States levied its harshest sanctions against Russia.
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LME aluminium gained 7% in past two trading sessions, while the Russian index cracked more than 10% overnight. However, there was weakness seen in the Russian rouble.
US sanctioned several Russian oligarchs, officials, businesses and agencies on Friday.
US imposed sanctions on Rusal that might result in aluminum supply disruption in near term as it is one of the largest aluminium producer and accounts for 13% of global output.
The matter gets complicated further as the sanctions might have a spillover effect on Rusal’s largest customer Glencore.
Credit rating agency Edelweiss says this was a shot in the arm for Hindalco and Vendanta. It has also given a buy rating on Hindalco and Vedanta.
First Published: Apr 10, 2018 9:15 AM IST