News Snapshot:
More than 60% of the copper stored in London Metal Exchange (LME) warehouses at the end of September was produced in Russia. The proportion of Russian metal surged from below 30% in late March to above 80% in May and August in the wake of Moscow’s “special military operation” in Ukraine. Such a high ratio is not unprecedented and continued stock cancellations and drawdowns suggest many buyers are accepting it against 2022 contracts in the absence of official sanctions. But what if that changes? Annual supply contracts are in the process of being negotiated and at least some buyers are...
