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Aluminum Stockpiles Fall for 26th Session on Worldwide Decline
Edited by : AL CIRCLE
2 min read
Aluminum stockpiles tracked by the London Metal Exchange fell for a 26th session, dropping in warehouses from the U.S. to Malaysia.
Inventories of the lightweight metal slid 10,300 metric tons to 4.50 million tons, the lowest level since Jan. 20, LME data showed today. The streak of declines is the longest since Aug. 26, 2004. Stockpiles have dropped 4.4 percent since May 24, according to exchange figures.
“What will be interesting to see is whether the recent outflows are followed by similar large inflows over the next couple of weeks, suggesting material is being shifted about rather than being consumed,” Leon Westgate, a Standard Bank Plc analyst in London, said in a report yesterday.
Orders to remove aluminum from warehouses, or canceled warrants, fell 9,900 tons to 448,500 tons. The orders have dropped 15 percent since June 6, when they reached the highest level since at least October 1997, led by gains in Asia.
“The aluminum canceled is not against demand,” said Nick Riley, head of LME sales at Marex Financial Ltd., one of 12 companies on the exchange’s floor. “A lot of that movement in the Far East is all one warehouse moving to another warehouse,” he said, adding that stockpiles of other metals also were being shifted.
Inventories of the lightweight metal slid 10,300 metric tons to 4.50 million tons, the lowest level since Jan. 20, LME data showed today. The streak of declines is the longest since Aug. 26, 2004. Stockpiles have dropped 4.4 percent since May 24, according to exchange figures.
“What will be interesting to see is whether the recent outflows are followed by similar large inflows over the next couple of weeks, suggesting material is being shifted about rather than being consumed,” Leon Westgate, a Standard Bank Plc analyst in London, said in a report yesterday.
Orders to remove aluminum from warehouses, or canceled warrants, fell 9,900 tons to 448,500 tons. The orders have dropped 15 percent since June 6, when they reached the highest level since at least October 1997, led by gains in Asia.
“The aluminum canceled is not against demand,” said Nick Riley, head of LME sales at Marex Financial Ltd., one of 12 companies on the exchange’s floor. “A lot of that movement in the Far East is all one warehouse moving to another warehouse,” he said, adding that stockpiles of other metals also were being shifted.
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