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Russian Aluminium Stocks in LME Warehouses Reach 53% of Total in March; Consumers Continue to Avoid Metal.

12 Apr 2023 5:12 pm
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Mumbai, April 12 (Commoditiescontrol): According to data published on Tuesday on the London Metal Exchange (LME) website, the share of Russian aluminium stocks in the LME's registered warehouses rose to 53% in March, compared to 41% in January, amounting to 220,575 tonnes. The data implies that consumers in various industries like transport, construction, and packaging continue to avoid Russian Metal. In addition, an aluminium industry insider revealed to Reuters that European companies and those in some parts of Asia do not want Russian aluminium. Although they may have contracts for it, they will not use it, instead delivering it to the LME.
Even though the LME has not prohibited the trading and storage of Russian metals in its system since Moscow's invasion of Ukraine, the world's oldest exchange and the largest market for industrial metals stopped the inflow of Russian Metal into its U.S.-registered warehouses in late February after the United States imposed import tariffs on Russian Metal. These tariffs have made the use of Russian aluminium produced by Rusal, which already had some self-sanctioning consumers, even more difficult.
Commodity trader Glencore, with a multi-year contract with Rusal, deposited tens of thousands of tonnes of Russian aluminium in LME-registered warehouses in Asia in recent months, according to sources familiar with the matter. Glencore stated in February that there was nothing unusual about these deliveries and that its contract with Rusal would expire in the second half of 2024
The rising share of Russian aluminium in warehouses "appears to have happened in a market which faced seasonal oversupply, as indicated by rising inventories (not only on the LME but also along the value chain)," said a trade analyst. Overall, LME aluminium stocks have risen 85% since early September to 512,725 tonnes, pushing the discount for the cash over the three-month aluminium contract to $43.5 per tonne.
The LME report also revealed that the share of Russian copper stocks dropped to 49% from 94% in January, or 22,275 tonnes, while nickel increased to 21% from 16% or 8,058 tonnes as of March 31.

(By Commoditiescontrol Bureau; +91-9820130172)

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