The share of Russian-origin aluminum stocks in London Metal Exchange (LME) warehouses increased significantly in July, reaching 65%, up from 50% in June, according to data released on Monday. In contrast, Indian-origin aluminum stocks decreased, dropping to 33% from 40%.
Overall, on-warrant aluminum stocks from all origins in LME-registered warehouses saw a decline of 23% in July. The data indicated that the majority of this outflow was attributed to Indian metal. Specifically, Russian aluminum stocks on LME warrant rose slightly to 233,775 metric tons in July, up from 232,350 metric tons in June. Meanwhile, Indian-origin stocks fell sharply to 119,575 tons from 188,800 tons.
The LME implemented a ban on Russian-produced aluminum, copper, and nickel from April 13 to comply with sanctions imposed by the U.S. and the U.K. These sanctions were enacted in response to Russia’s invasion of Ukraine in 2022. 
