The share of available Russian and Indian aluminium in warehouses registered with the London Metal Exchange fell in October as almost 50,000 tons of metal from the Middle East, Australia and Indonesia entered the system.
The percentage of available aluminium stocks of Russian origin in LME warehouses dropped to 51% in October from 59% in September, while the share for Indian origin was down one percentage point to 40%, LME data showed on Monday.
The LME has banned metal produced in Russia since April 13, 2024, from its warehousing system to comply with U.S. and British sanctions imposed over Russia’s 2022 invasion of Ukraine. Metal made before that date can still be traded, but many traders have been avoiding it.
In absolute terms, available aluminium stocks – or those that are on warrant of Russian origin increased to 256,025 metric tons at the end of last month from 244,025 in September. An LME warrant is a title document conferring ownership.
Aluminium rises on improved supply, demand prospects
Stocks of India-made aluminium also rose to 202,350 tons from 167,800 tons, data from the LME, the world’s oldest and largest market for industrial metals, showed.
However, inflows of aluminium from Australia, Bahrain, Indonesia, Oman and Qatar – totalling 47,725 tons – meant that the shares of Russian and Indian metal were diluted.
For copper, the share of available stocks of Russian origin in LME stocks held steady at 14% last month. The quantity edged down to 16,700 tons from 18,125 tons.
The share of China-made copper remained at 82%, even as the amount fell to 100,400 tons from 109,350, the data showed.
Nickel made in China represented 70% of available LME stocks at the end of October, up from 68% a month earlier.
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