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Russian aluminum inventories at LME warehouses fall by over 60% in April

According to LME, aluminum reserves at the end of April amounted to 116,300 tons

MOSCOW, May 14. /TASS/. Stocks of Russian aluminum, copper, and nickel in warehouses certified by the London Metal Exchange (LME) decreased from the end of March to the end of April 2024, according to data from the trading platform. Reserves of aluminum of Russian origin showed the largest decline, falling by 62.7%.

Thus, according to LME, aluminum reserves at the end of April amounted to 116,300 tons, while at the end of March they reached 311,900 tons (-62.7%), copper reserves decreased to 47,350 tons against 60,750 tons at the end of March (-22.06%), while nickel reserves remained virtually unchanged at 24,800 tons at the end of April 2024.

On April 12, the UK and US renewed sanctions on Russia in the metals trade, which include the LME and Chicago Mercantile Exchange no longer being able to replenish their warehouses with aluminum, copper, and nickel from Russian sources. According to a joint statement from London and Washington, the new restrictions have no effect on the existing reserves of Russian metals in the warehouses of both exchanges, which will continue to be traded. However, both sites will no longer be able to purchase Russian copper, aluminum, or nickel.

Last December, the UK completely banned imports of copper, aluminum and nickel of Russian origin. A similar ban is starting to take effect in the United States, but does not apply to metals mined before April 13, 2024.