LME aluminium stocks ended the year at 4,205,225 tonnes, down some 23% from the 5,451,800- tonne level at the end of 2013. At face value that is a big step in the right direction towards unwinding the stock overhang, but with production generally rising again as last year progressed it only really raises the question as to how much of the metal leaving LME warehouses was being consumed and how much was going into off market financing deals.
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