. . . and aluminium prices climb

ALUMINIUM prices have jumped as traders fret over sanctions on Russian producer Rusal and its owner Oleg Deripaska.

The cost of the metal, essential for everything from soft drink cans to aeroplanes, is up 12pc since Friday after the US took aim at businesses with close ties to the Kremlin.

In a further blow last night, mining giant Glencore cancelled a deal to supply more than 50,000 tons of aluminium to a customer because of the problems in Russia. Rusal, controlled by oligarch Deripaska, churned out 3.7m tons of aluminium last year and is the largest producer outside China.

In a major blow, the internationally important London Metal Exchange will stop accepting Rusal material from Tuesday unless users demonstrate it does not breach sanctions.

It is feared that the Russian firm’s isolation will severely restrict supply.