Aluminum prices near highest since 2012 as US Rusal Sanctions bite

Aluminum approached a six-year high after top exchanges said they’ll stop accepting metal from United Co. Rusal, increasing concerns about how the market will replace supplies from the Russian smelting giant hobbled by U.S. sanctions.

The metal advanced as much as 3.5 percent on Wednesday to $2,277.50 a metric ton on the London Metal Exchange. That was just $13 away from the peak in December when it touched the highest since March 2012. Prices settled 2.2 percent higher at 5:53 p.m. in London and have rallied as much as 13 percent since Thursday, the day before the U.S. sanctions were announced.