Despite continuing to trade below $1,900 per tonne, aluminium’s total traded volumes have led the complex this week. Continued fresh cancelations in aluminium have failed to spur any buying momentum, however.
More than 272,000 tonnes of aluminium has left LME-listed warehouses in predominantly Malaysian locations this week – the biggest stock move since more than 100,000 tonnes of inflows in mid-December – causing a delay in the LME’s warrant depository.
Similarly, more than 10,000 tonnes of zinc was booked for removal this morning out of New Orleans, a stronghold for global zinc stock, causing the metal’s futures price to push above $2,650 per tonne.
The theme of low LME inventories continues in lead, and with stocks remaining at a decade-low, the metal’s three-month price action continues to trend higher and has traded at an intraday high of $2,092 per tonne, its highest level since October 2018.
Nickel’s three-month price also...