Reuters reported that London aluminium prices fell sharply in early Asian trade on Monday after the United States formally lifted sanctions on Russian aluminium producer Rusal. The sanctions had sent aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze, but prices had since fallen back on expectations that the measures would be withdrawn.

ALUMINIUM: Three-month aluminium on the London Metal Exchange dropped as much as 1.4 percent to USD 1,892.50 shortly after the open and stood at USD 1,895 as of 0135 GMT. The most traded March aluminium contract on the Shanghai Futures Exchange was up 0.2 percent at 13,550 yuan (USD 2,008.96) a tonne.

RUSAL: Rusal, which said on Monday Jean-Pierre Thomas had resigned as chairman to comply with an imperative request from the US. Treasury, was trading up more than 5 percent in Hong Kong after the US. announcement.

BRAZIL: Brazilian rescuers searched into the night on Sunday for hundreds of people missing after a dam collapse triggered a deadly mudslide at an iron ore mine owned by Vale , as the death toll rose to 58 people and was expected
to keep climbing more than two days after the disaster.