Aluminum dives of 7-year highs after the US says it may provide sanctions relief to Russia's giant producer

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April 23, 2018 2:48 PM

Aluminum was down more than 8% on Monday morning as the US softened its tone on Russia.

Aluminum was down more than 8% Monday morning.
It had hit multi-year highs last week as US sanctions threatened supply of the metal.
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Aluminum prices dove off multi-year highs Monday morning as the US softened its stance on Russian sanctions that had been threatening supply of the metal.

The metal was down 8.30% to below $at 9:09 a.m. ET. It had jumped to a seven-year high last week.

The Trump administration announced earlier this month economic penalties on dozens of individuals and companies with ties to the Kremlin. Among those hit was aluminum giant Rusal Co., which is the second-largest supplier of the metal after China.

Supply concerns that had been propping up prices fizzled after the US Treasury Department said it would provide sanctions relief to Rusal if Russian oligarch

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