(MENAFN) As part of the UK government's sanctions on Moscow last month, the London Metal Exchange (LME) has blocked fresh delivery of Russian zinc and copper to its warehouses. The exchange announced the adjustment on Wednesday.
The new limits, according to a statement, target metal produced by Russia's Ural Mining and Metallurgical Company (UMMC) and its subsidiary Chelyabinsk Zinc Plant (Chelyabinsk).
“In order for a metal owner to place onto warrant any metal produced by an Affected Brand, the metal owner must provide evidence to the LME that, as of September 26, 2022, UMMC or Chelyabinsk does not own or have any legal or other economic interests in relation to the metal,” the LME noted, adding that it may request proof that the relevant conditions have been satisfied.
Zinc and copper prices have soared in response to the announcement. During LME trade, zinc gained over 5%, copper gained 1.3%, and aluminum gained 0.7%.
Although the LME stated that it has no plans to prohibit Russian metals from its system, the exchange stopped some supplies to its warehouses in April.
MENAFN07102022000045011137ID1104984339
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.