LME proposes to ban imports of Russian copper into warehouses
Time:Tue, 22 Mar 2022 07:22:01 +0800
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The London Metal Exchange (LME)'s copper committee recommended last Friday that Russian copper should be banned from entering into its warehouses. It will cause shocks in the market once the move is implemented.
The LME said it is closely monitoring developments related to the Russian sanctions but it doesn't intend to take any independent action at this time.
According to the industry analysis report of the Metal Industries Research & Development Center (MIRDC) in March this year, Taiwan's copper metal imports from Russia in 2021 accounted for 0.2% of the total imports, totaling 1,601 tons, and the imported products are mainly electrolytic copper and brass alloys.
Taiwan's imports of copper metal from Ukraine were mainly brass alloys last year, which accounted for 0.3% of the total imports. Taiwan's imports of brass alloys from Russia and Ukraine occupied 49.3% of the total domestic imports. If they are imported from other countries or produced by itself, the cost may increase.
According to researchers at MIRDC, LME copper inventories fell to a nearly 5-year low in February, which was an important factor in the recent sustained rise in copper prices.
