Metal held outside of LME warehouses falls 40% in March; biggest falls in copper, lead

The total amount of metal held outside of the London Metal Exchange network fell by 40% in March 2021 to 1.25 million tonnes from just over 2 million tonnes in February, the latest data from the Exchange shows.

The LME's latest off-warrant stock report showed a decrease of 841,034 tonnes over March, down from February's reading of 2,093,017 tonnes.
There was a decrease in every metal held off warrant except for zinc, which rose by 6%, while lead fell by 86%, nickel fell by almost a third and copper was down by 42.5%.
The amount of aluminium was still the largest of any metal held outside of LME warehouses, accounting for 81% of the total, but it also decreased over the third month of the year. 

Tin's off-warrant levels, however,...

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