Record Aluminum Delivery Raises Specter of New LME Trading Games [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
Aluminum inventories soared by more than 500,000 tons on Friday, the largest daily inflow in data going back to 1997. The influx was driven by deliveries into warehouses in Port Klang, Malaysia. Trafigura Group, one of the world's largest metal traders, was the key player behind the deliveries, according to people familiar with the matter. The trading house has a long history of shipping significant volumes of Indian metal into Malaysia, the people said, asking not to be identified as the matter is private. While the metal has been placed on warrant on the LME, it hasn't yet been trading on the market, the people said. The inflow comes ahead of next week's “third Wednesday” delivery date — a key liquidity point on the LME — raising the prospect that a significant chunk of the aluminum on the bourse could change hands then. That in turn creates the specter of a queue forming in Port Klang if the buyer of the metal requests delivery. Trafigura declined to comment. Queues to tak
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