LME considering banning trading and storage of Russian metals
The London Metal Exchange (LME) is considering whether to continue the trading and storage of Russian metals, such as aluminum, nickel, and copper, in the LME system.
The UK and Europe have imposed sanctions on Russian oil and coal, but there are no similar measures imposed on Russian metals. Russia’s nickel production accounts for around 20% of the global output, and its aluminum production accounts for 13%, both outside China.
Any decision made by the LME could bring a significant impact on the global metals market because Russia is a major producer of aluminum, nickel, and copper.
The issuance of a discussion paper was being considered to seek market views on the ongoing acceptance of Russian metals in the broader physical market. So far, no decision has been made on the issue.
