Aluminum spikes as White House plans fresh sanctions on Russia

Aluminum surged on speculation that a fresh wave of US sanctions against Russia may target the metal, potentially disrupting supplies.

US President Joe Biden said the US plans to unveil a “major” sanctions package against Moscow on Friday, although he wasn’t specific about which industries would be affected. His comments stoked speculation that Russia’s huge metals industries could be in line for curbs as they have escaped broad US sanctions until now, although the United Kingdom has imposed restrictions.