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What new metal sanctions on Russia mean for global trade
No Russian nickel, aluminium and copper produced from 13 April onwards will be eligible for delivery to the LME or the Chicago Mercantile Exchange (CME). The US is also banning Russian imports of all three metals. Russia accounts for about 6% of global nickel production, 5% of aluminium and 4% of copper. For nickel, Russia is the world’s second-largest producer of refined class 1 nickel behind China, the only type that is deliverable on the LME. In the US, a minimal effect on supply is expected. For example, the US has been less dependent on Russian aluminium, which accounts for less than 1% of US aluminium ... (full story)