Russian aluminium stocks on LME edge down to 66% in September

According to LME data released on October 10, 2024, the proportion of Russian-origin aluminium stock in London Metal Exchange (LME) approved warehouses saw a marginal decline in September, falling to 66 per cent from 67 per cent in August.

However, the data indicated that aluminium of Indian origin experienced a slight uptick, rising to 32 per cent from 31 per cent.

Total on-warrant aluminium stocks in LME-registered warehouses, regardless of origin, rose by 13 per cent in September—marking the first increase after three consecutive months of decline. This followed a significant jump in May after the LME decided to ban all Russian aluminium, copper, and nickel produced from April 13 onwards. The ban aimed to comply with sanctions imposed by the US and the UK in response to the Ukraine-Russia geopolitical crisis, which commenced in 2022.

By the end of September, Russian aluminium stocks on LME warrant, representing a title document that confers ownership, stood at 258,525 tonnes.

The data showed that in the copper market, Chinese-origin material dominated LME inventories in September, accounting for 57 per cent of the total, while Russian copper comprised 17 per cent.