Metro now stores over a million tonnes of aluminium in Detroit, and it will take until next August to get metal out if warrants are cancelled today.
How fast the metal could be delivered out of Metro’s sheds in Detroit almost became something of an Achilles heel for the company a couple of years ago.
Metro, and its owner, Goldman Sachs, attracted criticism for the length of the lines, with critics alleging they were deliberately removing the minimum amount of metal – 1,500 tonnes a day at the time – and that they could remove a lot more.
This is not something that has ever been proven, and Metro has always refuted the claims. Metro has shipped out 1.3 million tonnes of metal from its Detroit warehouses since early 2009.
Since April, the LME has doubled the delivery-out rate for facilities the size of Metro’s in Detroit, but after diminishing...