London Metal Exchange (LME) aluminium warehouse inventories have almost halved in 2026. Warehouse stocks fell from 440,650 tonnes in January to 246,600 tonnes by June, a decline of nearly 45 per cent. At first glance, that simply looks like metal leaving exchange warehouses. But look closer and the picture becomes far more intriguing.
Russian-origin aluminium now accounts for almost 95 per cent of the metal remaining on LME warrant, while Indian inventories have repeatedly entered and exited the exchange.
So what exactly is happening? The answer lies in two completely different stories unfolding inside the same warehouse system.