Readily available Aluminium inventories in London Metal Exchange (LME) warehouses jumped by 92,950 tonnes to 343,025 tonnes yesterday. It’s the biggest tonnage increase since May 2024. It comes after Aluminium ordered for withdrawal from warehouses in Malaysia was placed back on warrant, ING’s commodity experts Ewa Manthey and Warren Patterson note.
Chinese Aluminium output reaches a record high in April
“Aluminium prices on the LME fell more than 1% in yesterday’s trading, leading most metals lower. Surging inventories added to the downbeat mood along with Moody’s downgrade of US debt and mixed economic data releases from China.”
“Meanwhile, in Aluminium supply developments, Chinese output reached a record high last month. Primary Aluminium output in April rose 4.2% year-on-year to 3.75m tonnes (flat with the March level). For the year-to-date period, output rose 3.4% year-on-year to 14.79m tonnes, according to the latest data from China’s National Bureau of Statistics.”