News on November 14: London Metal Exchange (LME) said on Monday that there was no sharp increase in Russian metals in LME-registered warehouses.

The new data released by the exchange showed that the number of Russian metals in LME warehouses did not change much last month. This will help support LME’s decision to not ban Russian metals from entering its trading and warehousing systems, announced later on Friday.

Some producers and other market participants have called for a ban on Russian metals, because many consumers refuse to purchase Russian metals, which will lead to the influx of Russian metals into LME-registered warehouses. However, LME said on Friday that, from the market feedback, in most cases, the market is still accepting – or even relying on – Russian metals, so the exchange will not prohibit Russian metals from entering the LME system.

Last month, LME issued a discussion paper to members on the issue of banning Russian metals from seeking feedback from the market.

LME is the world’s oldest and largest industrial metal market.

In the notice on Friday, LME said that since the discussion document was released on October 6, the quantity of Russian metals in the LME warehouse has been stable. A picture in the notice shows that the proportion of Russian copper in the LME warehouse decreased from 63% to 58.1%, and Russian aluminum increased from 14.9% to 17.7%.