Metal held outside of London Metal Exchange warehouses fell for the third month in a row to just above 1 million tonnes in May, according to data released by the LME, with the amount aluminium and copper falling by more than 10%.
Across all metals, stocks fell by 140,246 tonnes through May to 1,037,379 tonnes, the latest LME off-warrant stock report shows, down from 1,177,625 tonnes in April.The biggest fall was in aluminium's stocks, which fell by 13% to 869,875 tonnes, while copper stocks fell by 12% despite a rise in the amount of red metal held outside LME warehouses in Asia.There were substantial rises in off-warrant stocks of lead and tin, however. The amount of lead more than doubled to 8,017 tonnes through May, while the amount of tin increased eight-fold to 647 tonnes, up from 74 tonnes in April.After dropping by the biggest percentage (33%)...