Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The share of Russian aluminum stocks in warehouses registered with the London Metal Exchange (LME) fell slightly – to 52% of the total in April, or 256,125 tonnes, from 53% in March, data on the exchange’s website showed on Wednesday.
The aluminum market has been watching the share of Russian metal, used in transport, construction and packaging, in LME-registered warehouses this year as some consumers are staying away from the Russian metal since Moscow invaded Ukraine.
Overall aluminum stocks of the world’s oldest exchange and largest market for industrial metals are up 27% so far this year to 570,150 tonnes.
The LME has not banned Russian metals from being traded and stored in its system, as there are no Western sanctions on the metals or major Russian producers – aluminum producer Rusal or nickel and copper producer Nornickel.
The LME report also showed that as of April 30, the share of Russian copper stocks fell to 36% from 49% in March, or 23,200 tonnes, while nickel declined slightly – to 20% from 21%, or 7,170 tonnes.
(By Polina Devitt; Editing by Kirsten Donovan)
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