SHANGHAI, Sep 30 (SMM) - Copper, aluminium and nickel prices on the LME soared following news that the exchange was considering a consultation on whether the trading in Russian metals should be banned. LME aluminium gained more than 8%, closing at $2,300/mt as of CST 19:30 September 29. 

Russia is the main producer of copper, aluminium and nickel. Rusal’s annual aluminium capacity stands at approximately 4.5 million mt, accounting for about 6% of the global total and 13% of the capacity outside China. Rusal produced 3.6 million mt of aluminium in 2021.

China imported 1.58 million mt of aluminium ingots last year, of which 291,000 mt or 18.42% came from Russia. The adjustment of energy structure in China in 2021 constrained the production of aluminium, leading to a surge in the import volume.  In 2022, the aluminium production in China was gradually resumed, while the import window was closed. Imports from Russia were mostly under long-term contracts. According to customs data, the cumulative import volume of aluminium ingots amounted to 248,000 mt from January to July 2022, with 188,500 mt or 78% coming from Russia.   

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