No ban on Russian metal: LME

LONDON:

The London Metal Exchange (LME) said on Friday it will not ban Russian metal from being traded and stored in its system because a significant portion of the market is still planning to buy the country’s metal in 2023. Russia is a major producer of aluminium and nickel. These metals and the companies that produce them have not been targeted by sanctions imposed on some Russian companies after the Kremlin sent troops into Ukraine. The exchange, the world’s oldest and largest market for industrial metals, launched a discussion paper on the subject in October, asking for market opinion on the possibility of banning Russian metal. “The LME does not propose at this time to prohibit the warranting of new Russian metal nor to impose thresholds or limits to the amount of Russian stock permitted in LME warehouses,” the exchange said in a statement. “While there is evidently an ethical dimension as to the global acceptability of Russian metal, we believe the LME should not seek to take or impose any moral judgements on the broader market.”

Published in The Express Tribune, November 13^th, 2022.

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