The London Metal Exchange (LME) has lifted the ban on nickel supplies from Norilsk Nickel’s subsidiary in Finland, Nornickel Harjavalta. This was reported in a document published on the trading platform’s website.
“In addition to notification 24/209 issued on July 3, 2024, we inform you that the suspension of the primary nickel grade Norilsk Nikel Harjavalta Cathodes has been lifted and the grade is acceptable for the LME guarantee with immediate effect,” the statement said.
On July 3, TASS wrote that the LME would suspend supplies of nickel cathodes from Norilsk Nickel’s plant in Finland, Nornickel Harjavalta, from October 3.
At the end of July, Vedomosti, citing a June review by the analytical company Bigmint, wrote that the April sanctions of the US and Great Britain against Russian aluminum led to a sharp increase in its stocks on the London Metal Exchange. Russian aluminum stocks in LME warehouses increased by 33% year-on-year to 695,372 t in the first half of 2024. Traders purchased most of it for warehouses in Port Klang (Malaysia). The average price of aluminum on the LME in January-June increased by 2% year-on-year to $2,403/t.