The Aluminum Monthly Metals Index (MMI) dropped 3.19% from May to June as the share of Russian aluminum in LME warehouses surged to 68% in May.
continue to lack enough strength to form either bearish or bullish trends. Since aluminum prices have yet to break out of range meaningfully and there is no established uptrend or downtrend, the market remains highly risky.The LME continues to have a Russian problem. Following a slight dip in April, the share of Russian aluminum in LME warehouses jumped to 68% in May. The problem originated last fall when the exchange chose not to restrict or ban Russian material from its warehouses.
The LME seems to recognize growing market concern over the disproportionate presence of Russian-origin primary aluminum, as the most recent monthly country of origin data came alongside a formal. The exchange began adding COO data to its inventory stocks at the start of the year to improve transparency and ostensibly alleviate market concern.
Currently, LME and CME aluminum prices continue to move largely in tandem, although the two are not the same. . Since 2022, CME prices carried an average premium of $8/mt over LME prices. That delta currently sits at almost $23/st as the rising presence of discounted Russian material weighs on LME prices.
Meanwhile, India recently became the latest country to request tariff exemptions for aluminum and steel products. India’s move comes a year after the EU and UK successfully negotiated tariff rate quotas . In its recent request, India offered to remove tariffs on certain U.S. agricultural goods. The country took these measures in response to the Trump administration’s 2018 tariffs. The tariff marked a 25% duty on steel imports and a 10% duty on aluminum imports.
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