The London Metal Exchange will not ban deliveries from Russia
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The London Metal Exchange (LME) announced that it would not impose bans on the supply of Russian products. In early October, it began assessing consumer readiness to continue purchasing Russian products in 2023. The exchange believes that the ban “would affect customers more than the LME itself” and that the restrictions would be “too difficult to implement.”
“The LME is not proposing to ban the issuance of guarantees for new Russian metal. <...> The LME will maintain the status quo with respect to Russian metal,” the exchange said in a statement (.pdf).
LME announced the start of a study on its readiness to refuse metal supplies from Russia to its warehouses on October 6th. Same day aluminum has risen in price on the stock exchange to $2.4 thousand for the first time since the end of August. Large Russian metallurgical companies sell little metal directly on the exchange, but their clients-traders use it.
Read more about the study and its impact on the metals market in the material “Kommersant” “De-Russification of Supplies”.
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