Column: Collapsing metal inventories clash with plunging prices
(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters.)
London Metal Exchange (LME) stocks are rapidly dwindling.
LME warehouses held just 696,109 tonnes of registered metal at the end of June, the lowest amount this century.
Inventory halved over the first six months of the year and June’s tally was down by 1.67 million tonnes year-on-year.
The downtrend has further to run.
Nearly 306,000 tonnes of metal were awaiting physical load-out at the end of last month. Available tonnage of all metals was just 390,280.
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