SG:Aluminum declines to lowest in two weeks as inventories expand
Aluminum fell to the lowest in more than two weeks in London as inventories expanded. Copper declined for the first time in seven sessions.
The International Aluminium Institute said that inventories of unwrought aluminum climbed to 1.215 million tonnes in March, from a revised 1.171 million tonnes a month earlier. In the warehouses tracked by the London Metal Exchange, stockpiles rose for a third day to 5.3 million tonnes, the longest stretch of gains this year.
Mr Mike Dragosits a senior commodity strategist at TD Securities in Toronto said that “Prices are going to be hampered from moving higher because of that supply, particularly on the LME.”
The US imposed sanctions on seven Russian officials and 17 companies linked to Russian President Mr Vladimir Putin’s inner circle involved in banking, energy and infrastructure. Russia is home to OAO GMK Norilsk Nickel, the leading producer of refined metal.
Mr Dragosits said that “The sanctions announced today are not really the sanctions that are going to affect the nickel market. It’s not a worry for supply.”
