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Thursday, March 20, 2014
LME Aluminium stocks rise by record 210,000 tonnes in one day
Aluminium stocks in London Metal Exchange-listed warehouses leapt by nearly 210,000 tonnes on Wednesday March 19 – the largest single-day stock build in the exchange’s history.
Rotterdam warehouses took all of the day's inflows, which totalled a staggering 217,375 tonnes of aluminium. Market participants said that the most likely source of the metal is JP Morgan, which sold its commodities business to Mercuria in a deal announced on Wednesday. The sale includes ownership of the Henry Bath warehousing company.