Share of Russian material in LME shares falls for nickel and copper and rises for aluminum – Commerzbank

Meanwhile, concentration is falling elsewhere: According to LME statistics, the share of Russian-origin nickel stocks fell from 27% at the end of June to 24% at the end of July, and from 27% to 21% for Commerzbank commodity Copper . notes analyst Barbara Lambrecht.

Share of Russian aluminum in LME shares rises

“However, the main reason for this was an increase in stocks from other sources – probably also due to new nickel grades approved in Indonesia and China, while stocks of Russian material were hardly changed after the tightening of sanctions in April.”

“The opposite is true for the more closely monitored aluminum stocks: while stocks of Russian origin were hardly changed in July, aluminum stocks of other origins recorded on the LME fell, meaning that the proportion increased from 50% to 65%. Destocking has occurred particularly for aluminum in India, where there was a significant increase in May.”