Russian Aluminum Fills LME Warehouses as Traders Sift it Out

The share of Russian aluminum in London Metal Exchange stockpiles rose again last month, a sign of the exchange’s growing reliance on material that’s being shunned by some consumers.

Russian aluminum made up 80% of total inventory underpinning the LME’s contract at the end of June, according to a report from the exchange on Monday. That proportion is up for a fifth month in data going back to January.

The increasing preponderance of Russian metal highlights a preference among end-users for aluminum from elsewhere as the war in Ukraine rages on. IXM, a metals trader owned by China’s CMOC Group ...