In addition, more than 50,000 tonnes of aluminium was booked for removal from LME-listed warehouses in Port Klang as part of a continued trend of cancelations that has meant over 275,000 tonnes left mostly Malaysian warehouses over January.
The stock moves are failing to stimulate aluminium’s three-month price on the exchange however, with it continuing to trade close to the $1,900 per tonne support level. Total on-warrant aluminium stocks are now below 700,000 tonnes, with just under 50% of total LME stocks now canceled.
In contrast, fresh copper cancelations have prompted upward momentum in the metal’s futures price, which is now trading close to $6,300 per tonne, after more than 18,000 tonnes was booked for removal in February.
Volumes remain low due to the absence of the Chinese market this week amid national holidays, with copper’s 2,723 lots leading the complex as of 10:07am London time.
“We are increasingly confident that Chinese copper demand...