For lead, on-warrant metal remains at its lowest since 2009 at just above 41,000 tonnes. And in tin, persistent outflows and fresh cancelations are propelling the price higher; the exchange’s total tin inventory is now below 1,000 tonnes for the first time in 30 years
Continued delays to Indonesian exports - tin’s second-largest global exporter after China - continue to tighten across both physical and futures markets, with tightness in the metal’s forward curve a contributing factor.
The cash/three-month spread was recently in a backwardation of $195 per tonne, its widest since April 2018.
In aluminium, more than 180,000 tonnes of aluminium were freshly canceled this week, prompting delays at the LME’s warrant depository. Although three-month aluminium fell this afternoon, the initial stock move caused the price to push above $1,900 per tonne for the first time in 2019.
As well, more than 34,000 tonnes of zinc were booked for removal...