Latest News

Asian buyers search for Russian aluminium in LME system

Asian firms prepare to take aluminium produced in Russia from London Metal Exchange (LME). authorized storage facilities as the lines for Indian metal are long, two. sources with knowledge of the matter said.

LME information reveals general cancelled aluminium warrants or metal. allocated for providing out at 364,600 metric tons, or 55% of. the total at 657,150 tons, on Monday. Warrants are title. documents giving ownership. << MALSTX-TOTAL > About 29% of>

the cancelled aluminium remains in the South Korean. port of Gwangyang, where a big amount of Russian metal is. stored << MAL-KRKAN-TOT >.

One of the sources, speaking on condition of privacy, said. Asian purchasers wanted Russian aluminium because Indian aluminium. was stuck in a queue in Port Klang.

Industry sources state a large portion of the aluminium. kept in LME warehouses in Port Klang, Malaysia, was produced. in India.

The wait to take aluminium from LME storage facilities in Port Klang. was 194 days at the end of November, the LME data programs, significance. companies would need to wait more than six months to take. shipment of their metal.

The LME banned all Russian aluminium, copper and nickel. produced from April 13 from its system to adhere to Western. sanctions enforced over Moscow's invasion of Ukraine.

However, Russian metal transferred in LME warehouses before. April 13 is exempt from the ban.

The share of readily available aluminium stocks of Russian origin in. the LME-registered storage facilities was at 67%, with the India-made. metal representing 32% at the end of November.

Criteria three-month aluminium prices increased after. the LME released its everyday stocks data to hit a one-week high. of $2,575.5 per heap. The contract was last up 1.2% at $2,558.

(source: Reuters)