LME aluminium, nickel inventories hit fresh highs – ET Auto

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The exchange gives a monthly rundown of the source of inventories and the latest data for November showed the share of available aluminium stocks of Russian origin was at 78.8%.

Aluminium and nickel inventories in London Metal Exchange (LME) registered warehouses jumped to fresh highs this week after more inflows, LME data showed, highlighting excess supply.

Aluminium stocks over the past two days rose by 42,400 metric tons to 551,050, the highest since June 19. They have climbed by 24% over the past two weeks.

The LME does not identify the source of daily inflows, but traders have said they had been expecting more Russian metal to be sent to LME storage facilities.

The exchange gives a monthly rundown of the source of inventories and the latest data for November showed the share of available aluminium stocks of Russian origin was at 78.8%.

The high share of Russian-origin metal in LME inventories has been a concern for some producers, which compete with Russia’s Rusal, and some Western consumers who have been avoiding the Russian metal since Moscow invaded Ukraine in 2022.

LME nickel stocks gained 7.3% in one day to 62,022 metric tons, the strongest since July 2022, LME data showed on Thursday, having surged by 34% so far this month.

  • Published On Dec 29, 2023 at 10:35 AM IST

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