As the London Metal Exchange agonizes over what to do about supplies from Russia, some metal buyers in the biggest market for commodities have been voting with their wallets. Russia mining China
As the London Metal Exchange agonizes over what to do about supplies from Russia, some metal buyers in the biggest market for commodities have been voting with their wallets.
The window for the metals industry to tell the LME its views on the question of Russian metal closed on Friday, with the LME likely to publish its conclusions in the coming weeks. Traders have requested delivery of more than 70,000 tons of copper from LME warehouses in the past three weeks. Much of that is destined for consumers in China, where premiums for physical copper have risen to the highest in years, and some of it is Russian, according to people with direct knowledge of the matter, who asked not to be identified discussing private information. One trader said that their Chinese customers didn’t care whether the copper they bought was Russian in origin.
Still, the fact that Chinese consumers are still buying Russian copper is unlikely, by itself, to sway the debate decisively.
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