Aluminum, producer stocks surge as Biden administration weighs Russia ban

Aluminum and shares of metal producers soared following news that the Biden administration is considering a complete ban on Russian aluminum in response to Russia’s military escalation in Urkaine.

Metal products from Russia have so far been shielded from sanctions due to their importance in everything from automobiles and skyscrapers to iPhones. Russia accounts for five per cent of global aluminum production

Aluminum traded on the London Metal Exchange soared as much as 7.3 per cent, while shares of Alcoa, the largest US producer, gained as much as 8.6 per cent.