"Metals haven't really found their feet yet," said Danske Bank analyst Jens Pedersen. He said investors were balancing hopes of de-escalation and concerns that COVID-19 outbreaks could reduce Chinese demand with fears of further sanctions, energy price rises and supply disruption. In the medium term, prices should fall as supply routes adapt, he said. RUSAL: The world's largest aluminium producer outside China, Russia's Rusal, said sanctions may delay investment projects and hit its profitability. The company's ore shipments from bauxite mines in Guinea have ground to a halt. GAS: The prospect of gas rationing in Europe appeared as Germany triggered an emergency plan to manage supplies, days after Russia said it would demand payment in roubles. Elevated gas prices raise the cost of power, which is so high that smelters in Europe have cut output of aluminium and zinc in recent months.