LIVE FUTURES REPORT 17/05: LME Al ignores 45kt cancelation in poor morning trading

Aluminium’s three-month price on the London Metal Exchange declined during morning trading on Friday May 17, falling by 0.3% and shrugging off just under 45,000 tonnes of freshly canceled material from LME-registered warehouses in Asia.

Just under 40% of LME aluminium stocks are now canceled, with this week’s stock cancelations predominantly from warehouses in Singapore and Johor, where around 24% of aluminium stocks are held collectively. Earlier this year, more than 300,000 tonnes was canceled out of Port Klang, which prompted warehouse queues of more than 200 days at facilities operated by warehouse company Istim. That said, broad volatility in the light metal’s stock picture over the first and second quarters of 2019 have done little to prompt movement in LME aluminium’s three-month price, which continues to consolidate...

Published

Hassan Butt

May 17, 2019

10:15 GMT

London