Key Moments
- Russian-origin aluminium represented 93 per cent of available LME warehouse stocks in May, up from 72 per cent in April.
- Total on-warrant aluminium inventories on the LME fell 23 per cent in May to 254,625 tonnes and now stand at 250,525 tonnes, the lowest since May 2025.
- Chinese-origin copper accounted for 53 per cent of available LME copper stocks in May, while Chinese-origin nickel held a steady 71 per cent share.
Russian Aluminium Increases Its Share Despite Lower Volumes
Russian aluminium further consolidated its position in London Metal Exchange warehouses in May, as its portion of freely available inventories climbed to 93 per cent from 72 per cent a month earlier, based on LME data. This shift was primarily driven by the removal of Indian-origin aluminium from the exchange’s on-warrant system.
Total on-warrant aluminium holdings on the LME dropped 23 per cent during May to 254,625 tonnes and now stand at 250,525 tonnes, marking the lowest level since May 2025. The reduction in stocks has coincided with ongoing production and logistics disruptions in the Middle East, which are adding pressure to global aluminium supply.
Even as Russia’s share of available aluminium surged, the absolute volume of Russian-origin metal in LME warehouses declined by 3,950 tonnes in May to 237,175 tonnes. The more pronounced move came from Indian-origin aluminium, where on-warrant stocks fell by 71,750 tonnes over the same period.
Indian Aluminium Retreats, Leaving LME Dominated by Russian Metal
By the close of May, Indian aluminium on warrant had been reduced to 17,450 tonnes. Following withdrawals that also included 2,275 tonnes of Indonesian-origin aluminium, Indian material was left as the sole non-Russian-origin aluminium still available in the LME warehouse system.
Russian aluminium’s share had previously reached 92 per cent in March, before Indian-origin metal was returned to on-warrant status in April, temporarily diluting Russia’s dominance.
Market participants remain cautious about Russian-origin supply. Many traders continue to sidestep Russian aluminium even though material produced before April 13, 2024, remains eligible for trading on the LME. Under Western sanctions, aluminium produced in Russia after that date is prohibited from entering the exchange’s warehouse network.
Aluminium Stock Composition Overview
| Metal Origin | Measure | May Level / Change | Additional Detail |
|---|---|---|---|
| All origins – Aluminium | Total on-warrant stocks | Fell 23 per cent to 254,625 tonnes; now at 250,525 tonnes | Lowest level since May 2025 |
| Russian-origin aluminium | Share of on-warrant stocks | Rose to 93 per cent from 72 per cent in April | Volume declined by 3,950 tonnes to 237,175 tonnes |
| Indian-origin aluminium | On-warrant volume | Declined by 71,750 tonnes | 17,450 tonnes remained on warrant at end of May |
| Indonesian-origin aluminium | On-warrant volume | 2,275 tonnes withdrawn | Removed alongside Indian-origin material |
Copper Inventories: Chinese-Origin Share Edges Higher
In the LME copper market, Chinese-origin material gained a slightly larger footprint in May. It represented 53 per cent of available copper inventories, compared with 51 per cent in April. Despite this higher share, the quantity of Chinese-origin copper on warrant fell by 36,425 tonnes to 141,025 tonnes.
Overall, available LME copper stocks declined by 79,375 tonnes to 266,875 tonnes in May, indicating a broad drawdown in exchange-registered copper.
Nickel Market: Chinese-Origin Share Remains Steady
For nickel, Chinese-origin metal continued to dominate available LME inventories at the end of May. It maintained a 71 per cent share of on-warrant nickel stocks, unchanged from the prior month.
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