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LONDON, Sept 29 (Reuters) - The London Metal Exchange (LME) is planning to discuss banning new deliveries of Russian metal such as aluminium, nickel and copper so its warehouses cannot be used to offload hard-to-sell stock, three sources familiar with the matter said. Western countries have sanctioned Russian banks and wealthy individuals connected to President Vladimir Putin since Russia’s invasion of Ukraine, but so far there are no restrictions on buying Russian metal. The sources said there was some concern that Russian aluminium producer Rusal would not be able to sell its metal and would deliver it to registered warehouses of the 145-year-old metal exchange. Another source said the LME could not ban Russian metal without sanctions on the companies that produced them. "Although we do not currently see any evidence of LME warehouses being used to offload metal on a long term basis," the exchange added, in response to a request for comment.
Indonesian nickel production by mine and productPOWERING UPIndonesia's nickel boom reflects both the country's rich mineral resources and the government's drive to push miners down the value-add processing chain. China's imports of nickel by product 2020-2022PRICING DOWNThis Indonesian supply surge was widely expected, but its exact timing was fuzzy given the number of new processing routes being used to convert ore to battery nickel. The combination of European demand shock, Indonesian production burst and the closing of the processing gap between stainless and battery nickel means there "is close to 30% downside for the nickel price into year-end". This mismatch of market-place and market is one of the reasons the LME nickel contract melted down in March. Macquarie Bank now provides three different nickel price forecasts for LME refined metal, Chinese nickel pig iron and Chinese nickel sulphate.
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