Some traders and producers have argued that exchange should ban all Russian material to avoid being overwhelmed by a flood of unwanted stock, which they say is depressing prices.
Already a subscriber?The London Metal Exchange banned delivery of new Russian metal following sanctions imposed by the US and UK, but left the door open for a wave of old stocks to hit the market and raise the risk of pricing dislocations.
Russian metal produced prior to Saturday will still be accepted, as long as the parties delivering it can demonstrate to the LME’s satisfaction that the metal is not subject to the sanctions. As such, he said, “it is possible that a relatively large supply” of Russian metal may be delivered to the exchange.
The LME considered banning deliveries of Russian supplies in 2022 but ultimately decided against it, arguing enough buyers were still willing to take delivery of the metal.
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