Massive Malaysia rewarranting offers sliver of short-term bullishness for physical aluminium market

A large rewarranting of aluminium in Malaysia on Thursday May 17 stirred up slightly bullish sentiment in Europe’s physical aluminium market.

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...

Published

Justin Yang

May 17, 2018

17:46 GMT

London