Bloomberg News reported that Russia's Rusal was working on a plan to deliver its aluminium to LME facilities.

“There hasn’t been a major exodus of our top shareholders,” CEO Chris Griffith says.

Copper prices are down more than 20% this year as covid-related shutdowns in China, surging power prices in Europe and ongoing inflation in the U.S. and elsewhere hurt demand.

Rusal isn’t under Western sanctions but it’s nonetheless being hit as some big consumers in Europe.

Economic indicators suggest that government stimulus is boosting the ailing construction industry.

Investors are continuing to pare back their gold positions, with exchange-traded fund holdings down to the lowest since January 20.

Pilbara Minerals said a buyer will pay the equivalent of $7,708 a tonne for spodumene concentrate delivered to China.

"It would be rare to see an outright decline in demand, but I think that's what we are going to see in Europe over the next 3-6 months," Citi analyst says.