The proportion of Russian aluminum has risen, and LME inventories have reached a nearly one-year low.
June 11, 2026
According to data from the London Metal Exchange (LME), the proportion of Russian-produced aluminum in the available inventory rose to 93% in May 2026, a significant increase from 72% in April. This change was mainly due to the substantial withdrawal of aluminum stocks from India, as well as a decrease in aluminum stocks in Indonesia. Although Russia's absolute inventory decreased by approximately 3,950 tons, its market share increased due to the withdrawals from other sources.
In May, the total LME aluminum inventory decreased by 23% to approximately 254,625 tons, reaching the lowest level since May 2025. This indicates that production and logistics bottlenecks in the Middle East have caused a shortage in global supply. Meanwhile, the proportion of copper inventory produced in China rose slightly to 53%, but the absolute inventory decreased by 36,425 tons, reducing the total available copper inventory to 266,875 tons. The proportion of nickel inventory from China remained at 71%.
Analysts point out that Western sanctions still restrict the entry of Russian aluminum produced after April 13, 2024, into LME warehouses, but previously produced materials can still be traded. Overall, the global metal market is experiencing a situation of supply tightening and concentration of sources. The share of Russian and Chinese metals in LME inventories has increased, which may affect the short-term price trends and trading strategies.
