Australian export ban pushes up aluminum prices, may boost inflation
Australia supplies almost 20% of Russia’s alumina.
Australia supplies almost 20% of Russia’s alumina.
China is requiring miners to offer 80% of their production through long-term contracts at prices capped by a government-set benchmark.
Investors are furious with the LME for allowing prices to soar 250% in less than two days.
The bank has been offering to trade contracts in commodity index products, such as the S&P GSCI, whose constituents include nickel.
The company said it had received permission by the Russian government to pay in dollars, but believed Citigroup, the paying agent, would block the payment.
Banks last year lobbied against efforts to increase transparency in metals markets, LME chief executive Matthew Chamberlain said in an interview.
South Africa's coal belt, east of the capital Pretoria and main city Johannesburg is home to an estimated 3.6-million people.
Alain Goetz and his African Gold Refinery were sanctioned for allegedly contributing to conflict in the Democratic Republic of Congo.
New leftist President signed the country up to the United Nation's Escazu Agreement,.
Russia is the third-largest exporter of refined copper metal, the form deliverable on the exchange.