16 AUGUST 2011alu
Rise in LME aluminum inventories does not accelerate weakness
Edited by : AL CIRCLE
1 min read
Aluminum prices have held their ground “reasonably well” lately as other base metals fell more sharply, and the latest big rise in LME stocks did not accelerate the fall in prices, Commerzbank says. Wednesday marked the sharpest rise in LME stocks ever for aluminum, with over 185,000 metric tons going into the Dutch port of Vlissingen.
Aluminum inventories there have doubled in just two weeks, and Vlissingen now has the second-largest stocks worldwide after Detroit. “Further rises are likely as this includes part of the delivery of over 1 million tons of Aluminium from previous years that had been held so far outside the LME warehouse system and have only now been officially registered,” Commerzbank says.
Aluminum inventories there have doubled in just two weeks, and Vlissingen now has the second-largest stocks worldwide after Detroit. “Further rises are likely as this includes part of the delivery of over 1 million tons of Aluminium from previous years that had been held so far outside the LME warehouse system and have only now been officially registered,” Commerzbank says.
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