After the British government announced sanctions against Russian metals, the global metals market was hit with sharp swings in prices. Palladium experienced a 12% increase while copper reached its highest increase in 11 months overnight. These measures triggered panic among investors and caused market turbulence.
After the UK government reported on the creation of new punitive measures against metals from Russia, there were big changes in the global market for these materials overnight. Palladium surged 12%, and copper prices also posted their biggest rise in 11 months.
The British government announced on December 14 its decision to restrict the export of products that may have military or civilian use to Russia, as well as the import of certain metals manufactured in that country. A law was also passed specifically prohibiting the importation of diamonds from Russia.
According to the document, the use of metals such as copper, nickel, aluminum, lead, zinc, tin and cobalt is considered restricted. However, there is no mention of precious metals such as palladium.
Birmingham hosts the UK Metals Expo
United Kingdom announces new block on aluminum imports from Russia
HYDRO POSITIONS ITSELF IN THE THIRD QUARTER DESPITE DIFFICULT MARKET SITUATION
CHINA’S DOMESTIC MARKET: HOT-ROLLED COIL PRICES REMAIN ON THE DECLINE
BELARUSIAN TIN MILL EXCLUDED FROM EUROPEAN MARKET DUE TO RECENT EU SANCTIONS
THE OTHER EFFECTS OF THE WAR IN UKRAINE
STARBUCKS TO LEAVE RUSSIA AFTER NEARLY 15 YEARS
ALUMINA LIMITED BELIEVES THAT THE OUTLOOK FOR THE ALUMINUM MARKET WILL BE OPTIMAL IN THE MEDIUM TERM.
UNITED KINGDOM IMPOSES 35% TARIFF ON STEEL AND ALUMINUM IMPORTS FROM RUSSIA AND BELARUS
RUSSIA’S SEVERSTAL TO STOP SUPPLYING STEEL TO EU AFTER SANCTIONS
