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Biggest Daily Surge in Aluminum Price After Sanctions on Russia

Commodities have seen some demand return since February, but yesterday we saw a massive jump in Aluminum prices, the biggest ever on the chart, which came after new sanctions on Russia’s commodities. However, the price has retreated, but they are still trading in gain for the day.

Aluminum Chart  Daily – Jumping $230 at the Open

The decision by the United Kingdom and the United States to prohibit the trading of Russian metals had an immediate and substantial impact on aluminum prices, causing them to skyrocket on the Metal Exchanges. In the early morning, aluminum surged by nearly 10%, marking the largest increase ever recorded for the metal.

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Additionally, nickel prices experienced a significant climb, reaching a peak of more than 8%. However, both aluminum and nickel prices eventually retreated from their highs as trading progressed but they remain up for the day. These sharp movements reflect the market’s reaction to geopolitical developments and the resulting implications for the global metals trade.

The US Empire Manufacturing Index

  • March US Empire Manufacturing Index -14.3 points
  • February stood at -20.9 points.

Here’s a breakdown of the components:

  • New orders: -16.2 (compared to -17.2 last month)
  • Prices paid: 33.7 (compared to 28.7 last month)
  • Prices received: 16.9 (compared to 17.8 last month)
  • Number of employees: -5.1 (compared to -7.1 last month)
  • Average work week: -10.6 (compared to -10.4 last month)
  • Shipments: -14.4 (compared to -6.9 last month)
  • Unfilled orders: -10.1 (compared to -10.9 last month)
  • Delivery times: -7.9 (compared to -4.0 last month)

6-Month Forward-Looking Indices:

  • General business conditions: 16.7 (compared to 21.6 last month)
  • New orders: 17.9 (compared to 29.3 last month)
  • Prices paid: 40.4 (compared to 35.6 last month)
  • Prices received: 29.2 (compared to 32.7 last month)
  • Number of employees: 4.5 (compared to 18.3 last month)
  • Average employee work week: -4.5 (compared to 14.9 last month)
  • Capital expenditures: 6.7 (compared to 11.9 last month)
  • Technology spending: 2.2 (compared to 5.9 last month)
  • New orders: 17.9 (compared to 29.3 last month)
  • Shipments: 21.8 (compared to 33.7 last month)
  • Unfilled orders: 0.0 (compared to 9.9 last month)
  • Delivery time: -3.4 (compared to 6.9 last month)
  • Inventories: -11.2 (compared to 5.0 last month)

Overall, the Empire Manufacturing Index indicates a decline in manufacturing activity, with several components showing negative readings. However, the forward-looking indices suggest some optimism for future business conditions, albeit at a moderated pace compared to previous months.

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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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