Aluminum inventories in warehouses monitored by the London Metal Exchange fell 10,000 tonnes or 0.2% to 4.52 million tonnes the lowest since January 31st. That was the 24th consecutive drop the longest streak since March 14th 2005. Inventories had climbed to a record on May 18.
Mr David Thurtell analyst of Citigroup Inc said that “The current reshuffling of aluminum stocks between LME warehouses, particularly in the US could interfere slightly with readings of the state of ‘apparent’ demand over the coming months. Annual growth in apparent aluminum demand jumped to almost 11% last month from 7% in April.”
Alcoa Inc said that three days ago it won a multiyear agreement valued at USD 1 billion to supply aluminum to Airbus SAS. Stockpiles have dropped 3.9% since May 24 with inventories down 6.1% in Asia over the same period. Stockpiles in the US are down 3.7%.
Aluminum inventories had climbed to a record 4.71 million tonnes on May 18. Bottlenecks in the US warehousing system prompted the LME to consider a proposal to increase the amount of metal that has to be delivered from the biggest stockpiles.
Sourced from www.worldal.com
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