London Metal Exchange aluminium stocks rose to the most since November 2021 after a second big delivery into warehouses in Malaysia’s Port Klang in a matter of days. The huge influx of aluminium into the LME in the past week is fueling fears of a new round of trading games and a potential queue if that metal is, in turn, cancelled and buyers look to withdraw it from the exchange. Exchange inventories rose by 131,075 tons, or 15%, to 1.03 million tons in data reported by the bourse on Tuesday.
Elsewhere, copper prices continued to move higher, trading at over $10,200 a ton to its highest level since 2022, after a powerful rally fueled by forecasts of a growing global supply deficit. Copper prices have defied typical indicators of soft demand, especially in China. That’s partly because investors see tight mine supply creating a shortfall of the metal as early as this year.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Malaysia inflows bring LME aluminum stocks to highest since 2021This occurred following another significant delivery to warehouses at Malaysia’s Port Klang within just a few days.
Source: Moneyweb - 🏆 5. / 77 Read more »