LME and producer stocks are getting tighter

摘要

LME stocks are relatively tight at just over 515,000 tonnes, and are falling rapidly (down by over 300,000 tonnes since the end of February). Total stocks (LME, Comex, IPAI unwrought and Japanese port stocks) are below 7 weeks of consumption - already tight by historical standards. Producers are holding very little stock, and anecdotal evidence suggests that consumers are also holding minimal stocks. Aluminium producer stock figures for April released by the IPAI showed another reduction in stocks of unwrought metal, but a modest rise in stocks of wrought aluminium. The figures were very much in line with the typical seasonal trend of stock changes, which sees unwrought stocks drawn down in the February-June period. Producer stocks of unwrought aluminium totalled 1.772m tonnes at the end of April, down from 1.801m tonnes at the end of March and 1.799m tonnes at the end of December 1999.