Most industrial metals fell on Tuesday, led by aluminum, after Russia pledged to scale back military operations around Kyiv and northern Ukraine, easing supply concerns that had supported prices.
During the peace talks on Tuesday, Ukraine offered to take a neutral position with security guarantees to protect it from attack.
Signs of easing in the conflict have left aluminum and other metals losing momentum. Supply concerns have arisen as Russia, a major producer of nickel, aluminum and copper, is hit with sanctions for its invasion of Ukraine.
Russia is also a major supplier of natural gas to Europe, where potential supply disruptions are seen as hitting power-intensive aluminum and zinc production.
“Hope that Russia and Ukraine will reach a deal to end the conflict led to a sudden change in prices,” said one metals analyst.
“If expectations exceed reality, this response may only last for a short time.”
Benchmark three-month aluminum on the London Metal Exchange (LME) fell 4.6% to $3,470 a tonne at 1630 GMT.
Global stock markets and global borrowing costs soared on Tuesday on signs that Russia and Ukraine were making progress in their first face-to-face talks in nearly three weeks.
Meanwhile, other LME base metals are struggling with illiquidity, analysts and traders said.
LME copper was flat at $10,337 a tonne, lead rose 0.6% to $2,383 a tonne, zinc fell 1.1% to $4,039 a tonne, nickel fell 2.7% to $31,840 a tonne and tin fell 0.4% , to $42,375 a tonne.
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Aluminum Prices Tumble As Russia Pledges To Scale Back Military Operations In Ukraine
Time: 2022-03-30 Source: Yikuo Aluminum.
Most industrial metals fell on Tuesday, led by aluminum, after Russia pledged to scale back military operations around Kyiv and northern Ukraine, easing supply concerns that had supported prices.
During the peace talks on Tuesday, Ukraine offered to take a neutral position with security guarantees to protect it from attack.
Signs of easing in the conflict have left aluminum and other metals losing momentum. Supply concerns have arisen as Russia, a major producer of nickel, aluminum and copper, is hit with sanctions for its invasion of Ukraine.
Russia is also a major supplier of natural gas to Europe, where potential supply disruptions are seen as hitting power-intensive aluminum and zinc production.
“Hope that Russia and Ukraine will reach a deal to end the conflict led to a sudden change in prices,” said one metals analyst.
“If expectations exceed reality, this response may only last for a short time.”
Benchmark three-month aluminum on the London Metal Exchange (LME) fell 4.6% to $3,470 a tonne at 1630 GMT.
Global stock markets and global borrowing costs soared on Tuesday on signs that Russia and Ukraine were making progress in their first face-to-face talks in nearly three weeks.
Meanwhile, other LME base metals are struggling with illiquidity, analysts and traders said.
LME copper was flat at $10,337 a tonne, lead rose 0.6% to $2,383 a tonne, zinc fell 1.1% to $4,039 a tonne, nickel fell 2.7% to $31,840 a tonne and tin fell 0.4% , to $42,375 a tonne.