Falling official inventories of aluminium are offering a deceptive picture of stronger fundamentals, while unreported stocks are surging to record highs, threatening to weigh on already hard-hit prices.
The build-up of inventories is off the radar of many investors since most are in unregistered warehouses in Malaysia and Korea and do not figure in official exchange stocks.
Stocks of the metal used in transport and packaging have been steadily falling for the past 20 months in depots certified by the world's biggest and oldest market for industrial metals, the London Metal Exchange (LME).
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The build-up of inventories is off the radar of many investors since most are in unregistered warehouses in Malaysia and Korea and do not figure in official exchange stocks.
Stocks of the metal used in transport and packaging have been steadily falling for the past 20 months in depots certified by the world's biggest and oldest market for industrial metals, the London Metal Exchange (LME).
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