Search Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5

  • By submitting this article to a friend we reserve the right to contact them regarding AMM subscriptions. Please ensure you have their consent before giving us their details.

Tariffs and sanctions prompt volatility


LME aluminium has been on an uncharacteristically wild ride thanks to trade tariffs and sanctions (most notably targeting Oleg Deripaska and Rusal) from the US administration of President Donald Trump. The news flow, and the aluminium market’s trading range, has changed daily, making forecasting in such a volatile environment very difficult. Prices raced to $2,718 per tonne at the height of the sanctions panic in the week of April 16-20, but by the time of writing on April 23, prices had slumped back into the $2,200s on news that the US will not impose secondary sanctions against Rusal.

Physical premiums and alumina prices have also been soaring, the latter partly on account of Hydro’s Alunorte refinery in Brazil being forced to run at 50% of capacity and declare force majeure. For what it is worth our aluminium price forecast for Q2 stands at $2,300 per tonne, but much can still change. 

In this regular section, Metal Bulletin Research’s base metals team summarise their in-depth reports to highlight key factors
driving the markets and their short-term price forecasts. The weekly service, Base Metals Market Tracker, provides independent analysis and forecasts for base metals markets and prices.

Request your free sample of this service - email

Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.