The London Metal Exchange three-month aluminium price was once more capped by a significant fresh inflow of material during morning trading on Wednesday May 20, with 35,300 tonnes of metal put back into LME-approved sheds as of 9am.
Aluminium continues to flow into LME warehouses because Covid-19 restrictions have weakened demand and metal holders content to store their material until aluminium futures recover. Some 29,100 tonnes of material arrived at Malaysian warehouses today, with 21,925 tonnes arriving at Port Klang alone, while the other 6,200 tonnes split between warehouses in Baltimore in the United States and Singapore. Inflows of aluminium into Asian warehouses continued after Fastmarkets reported on May 13 that warehouses in the region no longer had queues for material to be removed - apart from the Istim warehouse...