Treasury Ease Sanctions On Russian-Linked Aluminum Giant
24 April, 2018, 10:46 | Author: Melinda Barton
Rio Tinto (RIO) said it could no longer fulfill supply contracts for alumina sourced from joint operations with Rusal in Australia and Ireland because of the USA sanctions.
Reutersreported that on Monday, aluminium prices on The London Metal Exchange (LME) tumbled 8.7% on the US Treasury Department announcement, which gives Rusalmore time to sell off large quantities of aluminium it had been stockpiling in the wake of sanctions.
The Treasury Department said in its updated frequently asked questions section that OFAC could consider further sanctions relief for Rusal under certain circumstances, particularly if Oleg Deripaska gives up control of the country.
Alcoa had more to gain and lose from the Russian Federation sanctions because it supplies alumina and bauxite, as well as finished aluminum.
Last week, palladium hit US$1,040 per ounce - its highest price since February - in what many executives attributed to fears that the U.S. -Russia trade spat would create a shortage of the precious metal, mainly used by the automotive industry.
UOB Kay Hian said it maintained its hold call for Press Metal shares with a RM5 target price.
Prices of aluminum have soared by more than 30 percent since the United States sanctions announcement.
Treasury Secretary Steven Mnuchin also said the United States would extend the deadline for companies that do business with Rusal to undo those ties.
"The other big level - I think it's even bigger", Gundlach noted, "is 3.22 [percent] on the 30-year, which we did close at; that was the high close this year, and then we backed off pretty nicely".
"Generally, auto suppliers have in built pass-on clause with OEMs which provides adjustment for input price volatility after a lag of 1-3 months; this will impact the profitability of the auto suppliers vulnerable to cost increases in the interim", Icra Assistant VP, Corporate Sector ratings Ashish Modani said. The CAC 40 in France gained 0.2 percent. CenterPoint fell 2.2 percent to $26.08. Heating oil rose 0.8 percent to $2.14 a gallon. Houston-based CenterPoint has natural gas operations in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texts. Walmart dipped 0.6 percent to $86.44.
The dollar rose to 108.65 yen from 107.60 yen. Tokyo's Nikkei 225 fell 0.3 percent and South Korea's Kospi shed 0.1 percent.
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The Organisation for the Prohibition of Chemical Weapons will inspect the site of an alleged chemical attack on Wednesday. OPCW inspectors have been attacked on two previous missions to the sites of chemical weapons attacks in Syria.
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Don't eat romaine lettuce, CDC warns amid E. coli outbreak
In addition, CDC officials say restaurants and retailers should ask their suppliers about the source of their romaine lettuce. The E. coli spreading through the states is "toxin-producing", the CDC states - specifically a toxin known as Shiga.