No surge of Russian metal into LME warehouses-exchange
LONDON - London Metal Exchange approved warehouses have not seen a surge of Russian metal after unfounded worries that the bulk of consumers would shun the metal, the LME said.
The exchange released new data showing there was no major change in the amounts of Russian metal in LME warehouses last month, supporting its decision announced late on Friday not to ban Russian metal from its system.
Some producers and other market participants had been vocal in calling for bans of Russian metal, saying because many consumers were refusing to buy the material, it would flood into LME storage facilities.
The 145-year-old LME launched a discussion paper on the subject last month, asking for feedback from the market.
From the feedback, it concluded that "for the most part, a material portion of the market is still accepting – even relying on – Russian metal", the LME said in a notice explaining its decision not to ban Russian metal.
The LME, the world's oldest and largest market for industrial metals, also said in January it would start publishing a monthly report on Russian metal in its warehouses.
In Friday's notice, it said the amount of Russian metal in LME warehouses was largely stable from when it launched the discussion paper on October 6 until the feedback period closed on October 28.
A graphic in the notice showed the amount of Russian copper in LME warehouses fell to 58.1% from 63% while the proportion of Russian aluminium rose to 17.7% from 14.9%.
Comments
Projects
Latest Multimedia
Latest News
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
