Manufacturers sure would like to give the likes of Glencore Xstrata and Goldman Sachs a piece of their minds.
That’s because those companies, which own a substantial portion of the world’s LME aluminum warehouses, are causing headaches for OEM metal buyers.
Reuters reports that “stocks in Detroit have risen by 183,000 tonnes in the last three days to total 1.477 million tonnes, their highest since December 2012. The leap has pushed global LME stocks to a record 5.414 million tonnes.” Not only that, US Midwest ingot premiums are at record-highs.
On Wednesday, June 19, the Indian aluminum cash price experienced the biggest change, rising 0.4 percent. On the LME, the cash price of primary aluminum rose 0.3 percent to $1,795 per metric ton. On the LME, the aluminum 3-month price inched up 0.1 percent to $1,838 per metric ton.
Chinese aluminum prices were mixed for the day. The Chinese aluminum cash price fell 0.1 percent. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet remained steady. The price of Chinese aluminum bar remained essentially flat.