Aluminiumgains

Beijing : Aluminium prices continued to retrace recent gains on Tuesday after Washington gave U.S. customers of United Company Rusal more time to comply with sanctions on the Russian producer.

The sanctions, announced on April 6, last week drove prices for the metal to their highest since mid-2011 on fears that the global market could face shortages.

But the U.S. Treasury Department on Monday gave Americans until October 23, instead of June 5, to wind down business with Rusal and said it would consider lifting the sanctions if Rusal´s major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company.

"The deadline extension will allow for a deal to be crafted for Rusal and allow for an orderly transition in the market," consultancy Wood Mackenzie said in a note late on Monday.