In the heady days of the 2000s commodities supercycle, Vale made a $17 billion bet on a metal used mainly to make stainless steel.

The United States last week imposed sanctions on the billionaire as part of several rounds of measures Washington has taken.

The frenzied move was the largest-ever on the LME.

The ferocity of the price action over the last 24 hours speaks to a forced liquidation of positions, a buy-back in a liquidity vacuum, writes Andy Home.

The company is forecasting 0.5% lower global growth than previously anticipated.

Prices have doubled in the past five trading days as intensifying fears over Russian supplies leave buyers exposed to a historic squeeze.

Aluminium Dunkerque has capacity to produce 286,000 tonnes of aluminium a year.