Aluminum Supply Grows Off London Metal Exchange, Trafigura Says
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Aluminum traders may be storing more metal outside warehouses monitored by the London Metal Exchange “so it’s not as apparent as it could be” before the introduction of an exchange-traded fund in the metal, according to Simon Collins, head of refined metals at Trafigura Beheer BV in Lucerne, Switzerland.
Aluminum was considered the most likely industrial metal used to back an exchange-traded product, partly because more of it is produced than other non-ferrous metals combined, a Bloomberg survey in October showed. Global inventories of the metal are at least 10 million metric tons, with about 4.3 million tons in LME-monitored warehouses, Collins said.