Aluminum alloy stockpiles tracked by the London Metal Exchange rose to the highest level in more than nine years, while inventories of primary aluminum extended their drop to the longest in almost seven years.
Stocks of aluminum alloy, used to make parts for car engines, increased 1,960 metric tons to 121,180 tons, the highest since February 2002, LME data showed today. Inventories gained in Singapore and South Korea and are up 61 percent this month.
Aluminum inventories declined 13,300 tons, or 0.3 percent, to 4.51 million tons, the lowest level since Jan. 20. That was the 25th consecutive drop, the longest streak since Aug. 26, 2004. Stockpiles have dropped 4.2 percent since May 24, according to exchange figures.
Orders to remove aluminum from warehouses, or canceled warrants, gained 6,650 tons, or 1.5 percent, to 458,400 tons. They tripled at warehouses in Gwangyang, South Korea.
Zinc canceled warrants rose 1,350 tons to 49,525 tons, the highest level since September. The increase was driven by a 3,000-ton gain in Port Klang, Malaysia. Zinc stockpiles fell 1,650 tons to 864,400 tons.
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