Aluminium market participants are bracing themselves for the possibility of a large aluminium delivery into London Metal Exchange warehouses.
More than 29,000 tonnes of aluminium was delivered into LME warehouses on Wednesday October 2 across Singapore and Gwangyang. This was in addition to 11,000 tonnes delivered into Singapore on October 1.But it is Port Klang, Malaysia, that is attracting the attention of the market, with a significant number of new warehouses listed there.A notice from the LME on October 1 announced that warehousing company Steinweg had listed 15 new warehouses that can store aluminium."I hear there will be deliveries of aluminium in Port Klang, and even more in Singapore. I hear maybe around 200,000 to 300,000 tonnes could be delivered," one market source said.Other traders, meanwhile, have heard of even larger tonnages being put on-warrant in LME warehouses."I've heard numbers of around 400,000 [tonnes] coming online. I guess people have calculated from the warehouses coming online," a European trader said."The Steinweg area is huge and there is a lot...