Shrinking stocks likely mean more LME metal price volatility

Dwindling stocks in London Metal Exchange registered warehouses mean wild price swings for metals such as copper, tin and zinc are likely to be a feature of the market for some time.

But as demand picks up and the spotlight falls on deficits and stocks, volatility is expected to resume though it will be tempered by new LME rules that limit daily moves to 15 per cent and price differentials between two contracts. Copper stocks at 154,650 tonnes are up from levels below 70,000 tonnes in March. But canceled warrants – metal earmarked for delivery – at 40 per cent of the total indicate more metal is due to leave the LME system.

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