Glencore chief executive Gary Nagle says refusing to renew a deal with the Russian aluminium producer is “the right thing to do”.
in a move that would distance itself from one of its biggest rivals.
The ending of the contract would provide a rare opportunity for Glencore’s biggest rivals to gain greater sway in the, assuming they’re comfortable trading Russian metal that many consumers are refusing to buy. If Rusal can’t strike a new deal of an equivalent size, it may lead to increased deliveries of Russian aluminum into London Metal Exchange warehouses, which could add to pressure on global prices during a weak period for demand.
For Glencore, ending its relationship with the Russian giant would signal a major change as Rusal’s metal has for years underpinned its status as the dominant global aluminum trader. The agreement has been vital for Glencore as unlike many other commodities, such as copper and coal, it does not have its own producing assets.
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