It is not easy to quantify how much impact it will have in the short term, but the fact that the two of the world largest commodity exchanges, London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) have banned any metal of Russian origin produced after 13th April, have a higher probability of pushing up the metal prices higher after some time. Now this comes on the back of Chinese GDP numbers which were better than expected. If one looks at the trend in metal prices, they are incher higher. If the revival of the Chinese economy gets further momentum than probably two years old, the bearish phase of metal prices might be over. What does this mean for the Indian metal companies, probably another round of higher profits given the fact that their balance sheets are in much better shape as compared to 5 years back.
WASHINGTON/LONDON (Reuters) -Washington and London on Friday prohibited metal-trading exchanges from accepting new aluminum, copper and nickel produced by Russia and barred the import of the metals into the U.S. and Britain. Russia is a major producer of aluminum, copper and nickel. Russian metals producers Rusal and Nornickel did not immediately reply to a Reuters request for comment, nor did the Russian embassy in Washington.
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