Glencore Drives Drawdown of Russian Copper Sanctioned by UK
Workers check copper cathode and anode sheets in an electrolytic tank in the electrolysis shop in Monchegorsk, Russia.
Photographer: BloombergThe London Metal Exchange has reported the biggest drawdown of Russian copper from its network of warehouses since it started reporting the data in 2023, as Glencore Plc bought metal to deliver to China.
Inventories of Russian copper on the LME dropped 27,350 tons in May, the exchange said on Tuesday. The drawdown included “type 2” Russian metal, which British companies and citizens are barred from buying under UK sanctions.