Russian and Indian Aluminium Share Rises in LME Stocks by Amit Gupta, Kedia Advisory
The share of Russian-origin aluminium in London Metal Exchange (LME) warehouses rose to 67% in November, up from 65% in October, while Indian aluminium increased to 32% from 30%. Total on-warrant aluminium stocks dropped by 6% to 380,400 metric tons. Russian aluminium stocks fell slightly, ending November at 254,500 metric tons. Indian stocks remained steady at 120,000 tons. Meanwhile, Chinese-origin metals dominated copper and nickel inventories, accounting for 54% and 42%, respectively, in November. These shifts follow the LME's sanctions-compliance measures banning Russian aluminium, copper, and nickel from April 2023.
Key Highlights
* Russian aluminium share in LME stocks rose to 67% in November.
* Indian-origin aluminium climbed to 32%, up from 30% in October.
* Total on-warrant aluminium stocks fell 6% to 380,400 metric tons.
* Russian aluminium stocks on LME warrant dropped to 254,500 tons.
* Chinese-origin metals dominated copper and nickel inventories.
Aluminium inventories in LME-registered warehouses showed a mixed trend in November. The share of Russian-origin aluminium stocks rose to 67%, compared to 65% in October, reflecting a steady dominance. Indian aluminium stocks edged higher to 32%, a modest increase from the previous 30%. Overall, on-warrant aluminium stocks across all origins declined by 6%, totaling 380,400 metric tons.
The dip in overall aluminium inventories underscores the demand and supply dynamics in the global market. Russian stocks saw a marginal decline to 254,500 metric tons, while Indian-origin aluminium maintained stability at 120,000 tons. These trends align with the ongoing compliance measures and geopolitical factors impacting commodity trade flows.
The LME’s decision to ban Russian aluminium, copper, and nickel from April 2023 in adherence to U.S. and British sanctions significantly influenced stock trends. For copper, Chinese-origin material held the largest share at 54%, with Russian inventories comprising 19%. Similarly, Chinese-origin nickel led at 42%, followed by Russian (19%) and Indonesian (6%) stocks. These developments highlight the shifting market shares in response to sanctions and trade adjustments.
Finally
The rising share of Russian and Indian aluminium in LME stocks reflects ongoing geopolitical and trade dynamics. Sanctions-driven trends continue to shape global commodity markets.
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