SEATTLE (Scrap Monster): The London Metal Exchange (LME) published an official press release in response to the media speculation around the exchange mulling consultations on banning the trade and storage of Russian origin metals such as aluminum, nickel and copper.
The exchange confirmed that it is actively considering the option of issuance of a market-wide Discussion Paper, which aims to elicit market views as to the ongoing acceptability of Russian metal in the broader physical market. It would lay out potential options that could be pursued, on the basis of market feedback, including an option to take no action at all, LME noted.
Furthermore, it noted that no final decision has yet been taken to issue such as paper, though a potential Discussion Paper is under active consideration by it. Also, if at all any such Paper is issued in due course, it will be after consideration of feedback received from respondents. The market will be updated on any further development.
Meantime, market sources pointed out that the exchange could not ban Russian metal without imposing sanctions on producing companies.
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