Russian aluminum’s share of LME stocks hit 60% in February

The share of available aluminum stocks of Russian origin in London Metal Exchange warehouses rose in February from the previous month, data showed on Tuesday, just as the exchange tightened its policy on storage to address EU sanctions.

Available aluminum inventories on the LME – or those that are on warrant – have plunged to their lowest since May 2025 as disruption in the Middle East tightens supply.

The share of Russian aluminum among available inventories rose to 60% at the end of February, from 58% in January, while the proportion of metal of Indian origin was steady at 36%.

In absolute terms, the amount of Russian metal decreased by 3,375 metric tons to 251,700 tons, while Indian aluminum stocks fell by 4,225 tons to 152,500 tons as part of an overall decline of nearly 20,000 tons.

The LME said last month it would suspend warranting of Russian aluminum in European Union warehouses from February 25 unless the metal owner or members provides attestation demonstrating compliance with EU sanctions.

Since April 13, 2024 it had already banned metal produced in Russia from its warehousing system to comply with US and British sanctions. Metal made before that date can still be traded, but many traders have been avoiding it.

Meanwhile, the share of China-made copper in available LME copper stocks fell to 64% last month, from 70% in January.

In absolute terms, Chinese copper stocks increased by 60,450 tons to 155,600 tons, but their overall share fell as inflows of more metal from Chile, Peru and South Korea swelled inventories.

Available copper inventories on the LME hit their highest since September 2024 last week as LME prices now command a premium over the previous default destination of the US Comex exchange.

Nickel from China represented about 71% of available LME stocks at the end of last month, down around one percentage point from January.

(By Tom Daly; Editing by Alexander Smith)