Biden administration is considering a ban on Russian aluminum in response to Russia’s military escalation in Ukraine
Aluminium
Share price of Hindalco, Vedanta and NALCO rose 1.5-3 percent at open as aluminium prices on the London Metal Exchange (LME) soared on reports of the US considering a ban on Russian aluminium.
At 9:20 am, NALCO was up 3.28 percent at Rs 72.80 on the National Stock Exchange, Hindalco rose 3.5 percent at Rs 414.70, and Vedanta was up 1.2 percent at Rs 290.95.
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Aluminium soared as much as 7.3 percent on the London Metal Exchange – one of the biggest intraday moves on record – before settling 3.1 percent higher to $ 2,305 a metric tonne on Wednesday. Shares of Alcoa, the largest US producer, closed 5.3 percent higher after gaining as much as 8.6 percent in New York trading.
According to Bloomberg, as Russia escalates tensions in Ukraine, the US is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning the company that produces the nation’s metal, United Co Rusal International PJSC.
Speaking to Moneycontrol, Gaurang Shah of Geojit Financial Services said, “This could work out in favour of India as demand for aluminium in international markets is huge. We are positive on Hindalco and Vedanta stocks from a long-term perspective and expect 15 percent upside from the current levels.”
“Domestic demand led by capex revival and real estate boom will also be big positives for aluminium companies,” he added.
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