More than 138,000 tonnes were rewarranted in Port Klang in Malaysia on Thursday morning, pushing on-warrant stock in the Malaysian port up a meteoric 141% to 266,625 tonnes. Global on-warrant stocks jumped 18% overnight to 996,875 per tonne.
The latest rewarranting has largely reversed some 108,000 tonnes that were canceled on Friday April 13, which kicked off a 109-day queue at the Istim warehouse in Port Klang.
The cancelations were spurred by a scramble for non-Russian metal held in Asian warehouses one week after the US announced sanctions on Rusal.
“It’s just stuffing the...