(Bloomberg) -- Aluminum gave up the gains after Thursday’s record surge, with the London Metal Exchange’s plan to discuss a potential ban on Russian metal exacerbating supply concerns while stimulus measures in China bolstered the demand outlook. Most Read from BloombergGazprom Halts Gas Supplies to Italy in Latest Energy BattleMacKenzie Scott Files for Divorce From Science Teacher HusbandMarjorie Taylor Greene’s Husband Files for Divorce After 27 YearsWalmart, CVS Face Suits Blaming Common Pain
Russia's Rusal said on Friday that speculation the aluminium producer was planning to offload metal into London Metal Exchange (LME) registered warehouses was misleading. The LME, the world's oldest and largest market for trading industrial metals, said on Thursday it was considering a consultation on whether Russian aluminium, nickel and copper should continue to be traded and stored in its system. Rusal, the world's largest producer of aluminium outside China, has not been directly targeted by the Western sanctions imposed on Moscow after it sent thousands of troops to Ukraine on Feb. 24.
Oil markets were relatively unscathed by Hurricane Ian, but another bullish catalyst is already looming over oil prices