According to foreign news on June 10, data released by the London Metal Exchange (LME) on Monday showed that in May 2024, the proportion of aluminum produced in Russia in the warehouse approved by the LME fell from 89% in April to 42% of the total inventory, while the proportion of Indian aluminum jumped from 9% to 50%.
The change follows the LME's decision to ban all Russian-produced aluminium, copper and nickel from its systems from April 13 to comply with sanctions imposed by the US and UK.
On April 13, the United States and the United Kingdom announced new trading restrictions on three metals - aluminum, copper and nickel - produced in Russia. Under the new rules, the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME) are not allowed to use aluminum, copper and nickel produced in Russia on or after April 13, and Russian aluminum, copper and nickel produced before April 13 are not subject to the rule.
Registered inventories of aluminum from all LME producers rose fourfold in May, and Monday's data showed most of the inflows were from India.
Lme-registered Russian primary aluminium stocks rose to 246,950 tonnes last month from 116,325 tonnes in April, the data showed. Registered aluminum stocks originating in India increased from 12,275 tonnes to 293,325 tonnes.
Aluminum inventory inflows in May appeared at warehouses registered in Port Klang, Malaysia.
Lme data for May shows that almost all Russian aluminum and all Russian copper and nickel are stored in the Category 1 registration system issued on or before April 12.
The LME said the proportion of Russian copper in warehouses fell to 40 percent in May from 50 percent in the previous month, and the amount of Russian copper in warehouses fell to 44,525 tons from 47,350 tons.
The proportion of Russian nickel stocks in warehouses fell from 33% to 31% in May, to 24,204 tonnes from 24,810 tonnes in April.
