Traders Are Already Gaming the New Sanctions on Russian Metal [BNN Bloomberg (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: BNN Bloomberg
The opportunity lies in massive piles of Russian metal already sitting in the exchange's global warehouse network. And the LME might not like what they've got planned. The bottom line of the sanctions is simple: no Russian material produced after April 12 may be delivered onto the LME. The idea is that the restriction will drive down demand and prices for Russian supplies, but its miners can still sell to non-US and -UK buyers outside of the LME, where the vast majority of the global trade in metals happens anyway. Prices initially spiked on the news, but quickly fell back in a sign that markets aren't expecting major disruptions. Now, as the dust settles, the growing buzz in the metals world is how the new rules, combined with a series of quirks in the LME's contract structure and global warehouse system, have thrown up an opportunity for a complex but lucrative trade. Multiple traders and brokers have described the play in conversations this week, while LME Chief Executive Offi
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