Russian aluminium's share of LME stocks climbs to 93% in May as Indian inventories decline

Russian aluminium strengthened its grip on London Metal Exchange (LME) warehouses in May, with its share of available stocks rising to 93 per cent from 72 per cent in April, according to exchange data. The increase was mainly due to traders withdrawing Indian-origin metal from LME warehouses.

Total available, or on-warrant, aluminium stocks on the LME fell 23 per cent during May to 254,625 tonnes and now stand at 250,525 tonnes, the lowest level since May 2025. The decline comes as production and logistical problems in the Middle East continue to tighten global supply.

Although Russian aluminium's share increased sharply, the actual volume of Russian metal in LME warehouses fell by 3,950 tonnes to 237,175 tonnes during the month. The bigger change was in Indian-origin aluminium, where available stocks dropped by 71,750 tonnes.

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By the end of May, only 17,450 tonnes of Indian aluminium remained on warrant, making it the only non-Russian-origin aluminium left in LME warehouses after 2,275 tonnes of Indonesian metal were also withdrawn. Russian aluminium's share had been 92 per cent in March before Indian metal was placed back on warrant in April.

Many traders continue to avoid Russian aluminium despite the fact that metal produced before April 13, 2024, can still be traded on the LME. Aluminium produced in Russia after that date is not allowed into the exchange's warehouse system under Western sanctions.

In the copper market, Chinese-origin metal accounted for 53 per cent of available LME copper stocks in May, up from 51 per cent in April, although the total volume fell by 36,425 tonnes to 141,025 tonnes. Overall available copper inventories declined by 79,375 tonnes to 266,875 tonnes.

Meanwhile, Chinese-origin nickel continued to account for 71 per cent of available LME nickel stocks at the end of May, unchanged from the previous month.

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