The proportion of Russia-origin aluminium in London Metal Exchange (LME) warehouses in November 2024 grew to 67 per cent, following a drop in the previous month from 66 per cent to 65 per cent.
Although the proportion increased, the volume of stocks continued to drop, amounting to 254,500 tonnes at the end of November, as LME-registered warehouses still restrict aluminium-made-in-Russia.
On the other hand, India-origin aluminium stocks remained stable in LME warehouses at 120,000 tonnes, with a proportion increased to 32 per cent from the previous 30 per cent.
Amid this assorted trend, the total on-warrant aluminium stocks on LME dropped by 6 per cent to 380,400 tonnes, reflecting a shift in trade dynamics and weaker commodity inflow due to the ongoing compliance measures and geopolitical factors.
Regarding copper and nickel inventories on LME, China dominated with its 54 per cent and 42 per cent share of the total stocks, compared to 19 per cent of Russian stocks. These developments highlight the shifting market shares in response to sanctions and trade adjustments.
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