Aluminium dropped after U.S. Treasury said it had extended a deadline for investors to divest holdings in Russia’s Rusal, which has been hit by U.S. sanctions.
Some 30,000 mt of primary aluminium consumption is expected to be affected in Gongyi city of Henan, as local downstream processors were required to stagger suspensions.
Slower consumption depressed local aluminium prices and the price spread between spot aluminium ingot in Gongyi and Shanghai widened to 100 yuan/mt.
Warehouse stock for Aluminium at LME was at 1195150mt that is down by -1150mt.
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