Share of Russian aluminium in LME-registered warehouses steady at 81%

LONDON (Reuters) - The share of available aluminium stocks of Russian origin in London Metal Exchange-approved warehouses remained steady in August versus the previous month at 81% of the total while the actual volume declined, data on the exchange's website showed.

Total aluminium stocks available to the market in LME-registered warehouses are referred to as on-warrant. Warrants are title documents conferring ownership of metal.

The share of Russian-origin stocks in LME-registered warehouses had been gradually rising this year as some traders and consumers search for alternatives to Russian metals, even though they are not directly targeted by Western sanctions imposed on Moscow.

Major producer Norsk Hydro in July called for the LME to reconsider a decision not to ban Russian aluminium from its warehouse network.

The actual amount of Russian aluminium stocks on LME warrant fell to 183,650 metric tons in August from 227,525 in July, data published on Monday by the world's oldest exchange and largest metals market showed.

The proportion of Indian aluminium inventories in LME-registered warehouses, which has been dragged down by the shift in demand away from the Russian metal, declined to 17% in August from 18% in July.

The share of Russian-origin in total copper stocks fell to 25% from 33%, the LME said. The actual amount of Russian copper in on-warrant inventories rose to 25,675 tons from 24,150.

Russian nickel made up 19% of available stocks, or 7,068 tons, against 20% in July.

(Reporting by Polina Devitt; editing by Louise Heavens and Jason Neely)