New sanctions imposed last Friday at midnight by the USA and United Kingdom have forced the Chicago Metal Exchange (CME) and the London Metal Exchange (LME) to refuse further supply of copper, aluminum, and nickel of Russian origin. The move comes as an extension of prior sanctions aimed at reducing Russian revenues which continue to fuel its war in Ukraine. The sanctions mean that new Russian supply will not be accepted into either exchange, though Russian metal produced before the cutoff will still be accepted, simultaneously creating expansions of tightened supply and the immediate prospect of mass dumping of Russian metal. The LME’s aluminum, nickel, and copper stocks are significantly weighted towards Russian supply due to supplier self-selection, representing 91%,…