Almost half of LME available metals stocks are Russian-made
Amount and share of Russian nickel in the stocks rise
Adds copper and nickel
LONDON, Feb 12 (Reuters) – The share of available aluminium stocks of Russian origin in warehouses approved by the London Metal Exchange (LME) remained steady at 90% in January, LME data showed on Monday.
As part of wider sanctions against Moscow over its war in Ukraine, Britain restricted physical delivery of Russian-made base metals from Dec. 15 for UK entities and individuals. The LME last month said that Russian metal continued to flow through LME-registered warehouses.
The amount of Russian primary aluminium stocks on LME warrant fell to 286,750 metric tons in January from 338,375 in December, the data showed.
The high share of Russian-origin metal in LME inventories has been a concern for some producers, which compete with Russia’s Rusal, and some Western consumers who have been avoiding Russian metal since Moscow’s invasion of Ukraine in 2022.
The share of Russian-origin copper stocks rose to 46.5% in January from 43% the previous month, the LME said. However, the amount of Russian copper in inventories fell to 54,800 tons from 59,725.
The Russian nickel share increased to 36% from 31% as the amount rose to 24,114 tons in January from 17,772 tons in December.
(Reporting by Polina Devitt Editing by David Goodman and David Evans)
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