After a number of cancellations and deliveries out this week, only 941,875 tonnes of aluminium are listed as on warrant – with the rest canceled and booked for delivery out.
By comparison, on-warrant stocks were at well over 1.3 million tonnes in April.
Currently canceled stock makes up 41% of total aluminium inventory in LME warehouses, compared with 33.1% on June 14.
“Usually having below 1 million tonnes available is a bit of a trigger. There isn’t a lot of availability around wherever you look – the market is tight. Deliveries out and cancellations are happening every day,” a trader said.
The LME three-month aluminium price hit a high of $2,468 per tonne this morning – up from $2,440 per tonne at Thursday’s 5pm close.
The three-month price is now over 20% higher than when it opened the...