Aluminum inventory dropped to the lowest record in the London Metal Exchange warehouse; however, the supply shortage still did not change the condition as the price was on a downward trend due to the slow demand.
The on-warrant aluminum inventories went down by 9.7% to 260,275 tons, reaching the lowest record since 1997. The stockpiles dropped by 63% this year and it was about for a record annual decline. The robust demand and turn down of some smelters pushed the marking a further deficit.
Although the stock remains low, the aluminum price dropped again from earlier gains after the inventory data, showing the risks to the demand.
The metal markets changed quickly in the past few weeks. Mostly worries over consistent supply gave the concerns of the global economy and Covid lockdowns in China, the top consumer. Aluminum dropped by 33% for a record in March, cutting out of mostly gains for the year.
Aluminum inventories drop to lowest record
16 May 2022 16:32 reported by Judy Lin
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