The Share of Russian Aluminium Stocks in LME Warehouses Fell Slightly, and Proportions of Copper and Nickel Also Fell

Published: May 12, 2023 11:16

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The data released on the website of the London Metal Exchange (LME) on Wednesday showed that in LME registered warehouses, the share of Russian aluminium stocks fell slightly, from 53% in March to 52% (256,125 mt) in April.

The aluminium market has been eyeing the share of Russian metals in LME-registered warehouses this year as some consumers have shunned Russian metals since the Russia-Ukraine conflict.

Overall aluminium inventories on the LME, the world's largest industrial metals exchange, have risen 27% so far this year to 570,150 mt.

The LME does not ban Russian metals from being traded and stored in its system because there are no Western sanctions against them or Russia's main producers - aluminium producer Rusal and nickel-copper producer Nornickel.

The LME report also showed that as of April 30, the proportion of Russian copper stocks fell to 36% (23,200 mt) from 49% in March, and the proportion of nickel stocks fell slightly from 21% to 20% (7,170 mt).

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