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Aluminium Gains Driven By The Looming Threat Of Russian Aluminium Bans By The EU.

Aluminium prices edged up by 0.32%, settling at 203.2, driven by concerns over potential Russian aluminium bans by the EU. The EU is contemplating sanctions that may include import bans on Russian aluminium, posing a threat to the supply chain in Europe. The anticipated shortfall of 500,000 tons in Europe could challenge Middle Eastern suppliers as substitutes, impacting premiums, carbon footprint, and downstream competitiveness. China’s recent announcement of a 5% growth target for 2024 disappointed some investors expecting more extensive stimulus measures. The government’s fiscal deficit-to-GDP target for 2023 is set at 3%, below the revised 3.8% target for the previous year.

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