Share of Russian, Indian aluminium edges up in LME stocks in November

The share of available aluminium stocks of Russian origin in warehouses approved by the London Metal Exchange (LME) rose to 67% in November from 65% in October, while the share of Indian origin edged up to 32% from 30%, LME data showed on Tuesday.

On-warrant aluminium stocks in LME-registered warehouses of all origins fell by 6% in November to 380,400 metric tons.

The stocks jumped in May following a decision by the LME to ban all Russian aluminium, copper and nickel produced from April 13 from its system to comply with U.S. and British sanctions imposed over Russia’s 2022 invasion of Ukraine.

Russian aluminium stocks on LME warrant – a title document conferring ownership – ended November at 254,500 metric tons, the data showed, down from 263,525 at the end of October. The amount of Indian stocks was steady at 120,000 tons.

For copper, the largest share of inventories in November was from China at 54%, while Russian material accounted for 19% of the total.

For nickel, Chinese metal led with a 42% share in November, with Russian and Indonesian material accounting for 19% and 6%, respectively.
Source: Reuters (Reporting by Polina Devitt; editing by Jason Neely)