Aluminium cancellations begin at Port Klang after 600,000-tonne delivery, market braced for queues

Cancellations of aluminium out of London Metal Exchange warehouses in Port Klang, Malaysia, have begun, after more than 600,000 tonnes was delivered over the past week.

About 85,000 tonnes were shown as freshly canceled on March 16, with 83,850 tonnes of that at Port Klang and additional, small cancellations in Johor and Singapore.
Market participants told Fastmarkets they believe big queues could build up again at LME warehouses in Port Klang if all the material is canceled.
"Here come the queues. If the material was available, it was always going to be canceled," a trader said.
More cancellations are expected over the next few days, traders said and currently 16% of aluminium on the LME is canceled and booked for delivery out.

"These [cancellations] are the expected step I guess, and indicate that the warrants are now floating. I would imagine some will go to premium sales into China and some into warehouses...

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