Beijing: London aluminium prices rose by as much as 1.6 percent on Monday as a rally driven by supply concerns after the United States slapped sanctions on Russian producer United Company Rusal regained momentum.
The metal had closed down in the previous two sessions but is still up by around 25 percent so far this month. Most other base metals also rose but aluminium´s rise topped gains as the volatility that marked last week´s trading - when worries about the impact of Rusal sanctions roiled markets - looked to have eased. "In general it seems that the markets and indeed its participants all coped with the ´storm´ and now it is a case of letting the prices find a new level at which they are comfortable," Malcolm Freeman, CEO of Kingdom Futures, wrote in a note. However, the possibility of Germany going into a recession may well see prices "testing the downside once again," he added.
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