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Aluminum prices rose due to concerns about Russian supply

Aluminum prices rose due to concerns about Russian supply

File photo of an employee checking aluminum production at the Rusal Sayanogorsk smelter, outside Sayanogorsk, Russia. September 3, 2015. REUTERS/Ilya Nemushin

By Eileen Suring

(Reuters) – Aluminum prices rose on Monday after Australia’s announcement of a ban on exports of alumina and aluminum ore to Russia, exacerbating fears of a supply disruption of the light metal.

* The move will limit Russia’s ability to produce aluminum, one of its main exports, according to the Australian government.

* This could result in Russia having to rely on China to meet any alumina shortages, ING said in a note.

* Russia accounts for about 6% of the world’s supply of aluminum and 10% of nickel, and is a major producer of natural gas, which is used to generate electricity that powers mineral production.

* At 0940 GMT, three-month aluminum on the London Metal Exchange (LME) rose 3.7% to $3,507 a ton, after hitting its highest level since March 10.

* The most traded aluminum contract in May on the Shanghai Futures Exchange closed 2.3% higher at 23,105 yuan ($3635.38) per ton, after hitting its highest level since March 8.

* In other base metals, copper on the London Metal Exchange fell 0.9% to $10243 per ton. Lead was up 0.1% at $2,254; Zinc rose 1.8% to $3,895; And tin fell 1.4% to 41,705 dollars.

(1 dollar = 6.3556 yuan)

(Edited in Spanish by Carlos Serrano)

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