Russian aluminum's share in LME warehouses rises to 67%

According to foreign news on September 10, data released by the London Metal Exchange (LME) on Tuesday showed that in LME warehouses, the proportion of registered warehouse receipts for Russian aluminum in August rose to 67% from 65% in July, while the proportion of Indian aluminum fell from 33% to 31%. In August, registered warehouse receipts for all LME aluminum warehouses fell by 4%, the third month of decline after a surge in May.

Before the surge in inventories in May, the LME decided to ban the delivery of Russian aluminum, copper and nickel produced from April 13 to comply with sanctions imposed by the United States and Britain on the conflict between Russia and Ukraine. Market sources said that most of the aluminum entered the Port Klang warehouse in Malaysia in May.

Data showed that the registered warehouse receipts for Russian aluminum in LME warehouses fell to 232,350 tons from 233,775 tons in July. The LME said that the proportion of registered warehouse receipts for Russian copper in August fell to 16% from 21% last month, while the proportion of Chinese copper rose to 56% from 53%. Meanwhile, the share of Russian nickel registered warrants fell from 24% to 22% in August, with the volume stabilizing at 24,360 tonnes. Meanwhile, the share of Chinese nickel rose from 35% to 39%.

The LME has been increasing the liquidity of its nickel contracts by attracting new listed brands, including those from China and Indonesia. In May, an Indonesian production brand was approved by the LME for the first time.

Shanghai Nonferrous Network

https://news.smm.cn/news/102950174