LME Warehouse Stocks Ruled by Russian Metal, Says Latest Report

Meantime, Russian copper was 94% at 54,950 tonnes and nickel was 16% at 42,774 tonnes.

SEATTLE (Scrap Monster): The latest report published by the London Metal Exchange (LME) suggests significant rise in volume of Russian metal in its warehouse stocks. The Russian metals accounted for almost 42% of the total stocks of 152,841 tonnes. It must be noted that the exchange had decided not to ban trade or storage of Russian metals in its system.

As per latest report released on 31st January, 2023, the metal from Russia accounted for 41% of the total aluminum warehouse stocks of 93,750 tonnes. Meantime, Russian copper was 94% at 54,950 tonnes and nickel was 16% at 42,774 tonnes.

ALSO READ: London Metal Exchange Decided Not to Ban Fresh Deliveries of Russian Metal

The outflow data suggests that Russian metal continues to be consumed in large numbers. The evolution of Russian metal stocks is in line with the markets trends, the exchange press release noted. The share of Russian-origin aluminum, copper and nickel rose significantly from end-October levels, despite some traders refraining themselves from purchasing Russian brands, it observed.

The stocks of Russian aluminum were mostly concentrated in Asian warehouses. The U.S. warehouses did not possess any stock of the metal, mainly on account of speculations that the U.S. plans to impose import tariffs of up to 200% on Russian-made aluminum.