Battle for aluminum stocks is draining LME of non-Russian metal
The trader that last month built up a dominant position in aluminum has begun taking delivery of some metal while rejecting supplies produced in Russia.
Trafigura Group posted record first-half profit, even after Russia’s invasion of Ukraine forced the commodities giant to pare back its activities as trading risk soared.
Glencore and Trafigura are among traders checking their aluminum inventories after several domestic trading firms claimed last week they were duped into providing loans against artificially inflated stockpiles.