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The price of aluminium traded in London decreased for the third consecutive day yesterday reaching a three-year low as a result of an increase in stockpiles and a decrease in demand. The price of aluminium deliverable in three months lost 5 USD (0.3%) to 1,885 USD per metric tonne on the London Metal Exchange at 13:00 hrs local time. Prior to that, the quotation was 1,870 USD/tonne, the lowest since 5. October 2005.
Aluminium stockpiles monitored by the metal exchanges in London, New York, Shanghai and the International Aluminium Institute increased by 35% this year, to 3.49 million metric tonnes, according to Bloomberg. This quantity is enough for 16.35 days of consumption, compared to six days of consumption for copper. Analysts say aluminium stockpiles are the largest among commonly traded metals, if the comparison is based on the number of days that stockpiles would cover.
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