Russian-origin metal made up almost all available aluminium stocks in London Metal Exchange (LME) warehouses at the end of October (99.98 per cent), with Indian-origin aluminium accounting for the remaining 50 tonnes, according to exchange data.
Total available, or on-warrant, aluminium inventories declined 4 per cent month on month to 216,950 tonnes, their lowest level since March 2025. Russian-origin stocks fell by 9,725 tonnes to 216,900 tonnes during October, but their share of available inventories remained almost unchanged.
Although Russian aluminium produced before April 13, 2024, remains eligible for LME trading, many traders continue to steer clear of the metal. Supplies produced in Russia after the cut-off date are not permitted in the exchange’s warehouse system under Western sanctions.
The concentration of Russian aluminium in LME warehouses had already increased in May, when it made up 93 per cent of available stocks, compared with 72 per cent in April. This shift came as Indian-origin stocks contracted by 71,750 tonnes to 17,450 tonnes, while Russian-origin stocks also edged down by 3,950 tonnes to 237,175 tonnes. Total available aluminium inventories fell by 23 per cent to 254,625 tonnes during the month.
Available copper stocks on the LME nearly doubled in October, reaching 246,150 tonnes compared with 131,450 tonnes in September, largely due to fresh inflows into registered warehouses in the United States. Despite the overall increase, Chinese-origin metal made up a smaller share of the inventory, falling to 11 per cent from 28 per cent a month earlier.
Available Chinese-origin copper stocks declined by 10,425 tonnes to 26,850 tonnes. Meanwhile, stocks from the Democratic Republic of the Congo (DRC) increased by 49,875 tonnes to 86,400 tonnes, representing 35 per cent of total available copper inventories.
Chinese-origin nickel accounted for 70 per cent of available LME nickel stocks at the end of October, up 0.4 percentage points from September.