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HONG KONG EXCHANGES AND CLEARING LIMITED

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Delayed Hong Kong Stock Exchange  -  10:22 2022-06-26 pm EDT
390.40 HKD   +4.33%
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London Metal Exchange bars Russian lead from its market

05/04/2022 | 10:50am EDT

LONDON, May 4 (Reuters) - The London Metal Exchange (LME) said on Wednesday it had stopped allowing Russian-produced lead into its warehouses following European Union sanctions on the country's products, effectively shutting Russian lead out of the world's biggest metals market.

Russia is not a major producer of lead, but the decision could add to market jitters about a potential ban on its aluminium and nickel, where its supplies are far more important.

Benchmark prices for lead on the LME jumped more than 2% to about $2,300 a tonne after the news. By 1540 GMT prices were up 1.2%

"This Notice announces the suspension of warranting of Russian produced lead in any LME approved warehouse with immediate effect," the LME said in a statement.

The suspension means Russian lead cannot be delivered against LME contracts, effectively meaning it can't be traded on the market.

There are currently no lead inventories of Russian origin in its approved warehouses, the exchange said. Fregat LLC http://www.ecofregat.ru/en was the only Russian LME brand.

The LME said it was responding to an April measure by the European Union to restrict certain products from Russia, including "unwrought lead", after Moscow's invasion of Ukraine.

There would be minimal impact on Western operations as most of Russia's lead exports, which are sourced solely from recycled batteries, are destined for China and Kazakhstan, said Wood Mackenzie analyst Farid Ahmed.

Russia produces about 150,000 tonnes a year of secondary lead, CRU Group analyst Neil Hawkes said.

In response to sanctions on Russia by the United Kingdom, the LME last month suspended deliveries of some Russian produced metals into its approved warehouses in Britain.

The stakes are higher if Western countries widen restrictions to include a ban on Russian metals including aluminium, nickel and copper from major producers Rusal and Norilsk Nickel.

Russia supplies about 10% of the world's nickel, 6% of its aluminium and around 3.5% of its copper.

The LME, owned by Hong Kong Exchanges and Clearing Ltd , said it would not go beyond what Western sanctions against Russia dictate.

Lead-acid batteries account the majority of the metal's demand, which is pegged at 12 million tonnes a year. (Reporting by Zandi Shabalala Editing by Sandra Maler and Mark Potter)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HONG KONG EXCHANGES AND CLEARING LIMITED 4.17% 390.4 Delayed Quote.-17.83%
PUBLIC JOINT STOCK COMPANY MINING AND METALLURGICAL COMPANY NORILSK NICKEL -0.87% 18934 End-of-day quote.-17.06%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -3.13% 51.7 Delayed Quote.-28.47%
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Financials
Sales 2022 20 861 M 2 658 M 2 658 M
Net income 2022 12 418 M 1 582 M 1 582 M
Net cash 2022 50 183 M 6 393 M 6 393 M
P/E ratio 2022 38,2x
Yield 2022 2,29%
Capitalization 474 B 60 329 M 60 329 M
EV / Sales 2022 20,3x
EV / Sales 2023 15,6x
Nbr of Employees 2 146
Free-Float 94,1%
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Mean consensus BUY
Number of Analysts 30
Last Close Price 374,20 HKD
Average target price 427,09 HKD
Spread / Average Target 14,1%
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Managers and Directors
Alejandro Nicolas Aguzin Chief Executive Officer & Executive Director
Bik Yun Lau Group Chief Financial Officer
May Lung Cha Non-Executive Chairman
Chung Kwong Leung Group Chief Technology Officer
Trevor William Spanner Group Chief Information Officer
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