Economics
Aluminum Posts Biggest Rally Since 2009
- Commodity traders are said to stop buying aluminum from group
- Any widespread disruption will create supply deficit, BI says
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Aluminum posted the biggest five-day gain since 2009 on fears of supply disruptions after United Co. Rusal was hit by U.S. sanctions. Rusal’s shares fell, while other producers climbed on optimism they will benefit from the company’s woes.
The metal rose 2.9 percent to settle at $2,201 a metric ton at 5:51 p.m. in London, after surging 8.1 percent in four days. Shares of the Russian firm owned by billionaire Oleg Deripaska dropped in Hong Kong after losing half their value Monday, as some commodity traders are said to have stopped buying metal from the company.