Gate.io: Cheap metal prices pump, EU's aluminum ban on Russia has limited impact

Jinshi data news on February 20th, the price of base metals pumped, LME three-month copper and three-month aluminum both pumped 1%, respectively at $9,533 and $2,707.50 per ton. Analysts at ING Group in the Netherlands said in a report that the EU has agreed to impose the 16th round of sanctions on Russia, expected to be implemented next Monday, including a ban on the import of primary aluminum. The bank said that the ban will be implemented in stages one year after it officially takes effect, but the effect may be limited. EU imports of Russian aluminum have already declined as European buyers have self-sanctioned since the conflict broke out. The bank added that Russia currently accounts for about 6% of Europe's imports of primary aluminum, half of the level in 2022, with the gap mainly being filled by imports from the Middle East, India, and Southeast Asia, and this trend may continue.