Premiums and Inventories

摘要

LME stocks declined in the first four months of 2013 as the small market surplus was absorbed into unreported stocks. Total LME stocks fell by 76,000 tonnes in April, the largest monthly decline since June 2012. Stocks in Detroit declined by 56,000 tonnes, whilst inventories continued to build in Vlissingen, up by 131,000 tonnes. It is not surprising that inventory levels are declining in North America and increasing in Europe where physical demand is not as firm.