Beijing : London aluminium dropped as much as 1.4 percent on Wednesday, retreating for a fifth straight session, as the softening of the U.S. sanctions on Russian producer United Company Rusal continued to weigh on prices.
The metal has now slipped by around 13 percent from a high of $2,534.50 on April 23, the day the United States gave American customers of Rusal more time to comply with sanctions.
While traders watch for more news on Rusal, Norsk Hydro is scheduled to release earnings on Wednesday, "so the market awaits potential updates regarding the situation at Alunorte," broker Marex Spectron said in a note, referring to the company´s 51 percent-owned alumina plant in Brazil.
Alunorte, the world´s biggest alumina refinery, was ordered to shut half of its output in late February amid a probe into allegations the site contaminated local water supplies.
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