April 9, 2018 / 4:50 PM / in 7 months

LME aluminium stocks produced in eastern Europe total 450,650 T

LONDON, April 9 (Reuters) - Aluminium stocks in London Metal Exchange approved warehouses originating from producers in Eastern Europe stood at 450,650 tonnes as of April 6, data from the exchange showed on Monday.

Sources say this category would mostly be metal produced by Russian aluminium giant Rusal, which has been sanctioned by the U.S. Treasury Department. The LME data did not give more specific details.

“There’s a lot of interest in how much warranted metal in LME warehouses comes from Russia after the sanctions,” a trading source said, adding that clients of the company had been asking if there was any way to avoid getting Rusal’s metal.

Washington on Friday imposed sanctions on seven Russian oligarchs and 12 firms they own or control as they were profiting from a Russian state engaged in “malign activities” around the world, the U.S. Treasury Department said.

This includes Hong Kong-listed Rusal, which analysts at CRU say accounts for 14 percent of supplies outside of China. China accounts for more than half of global output estimated this year at around 65 million tonnes.

Reporting by Pratima Desai Editing by Jane Merriman

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