Aluminium gains as global stockpiles dwindle

The global aluminium stockpiles drops to the lowest it has been in more than five months, tightening supply and pushing the aluminium prices up.

London Metal Exchange tracked the metal stockpiles to find that it has now hit 4.08 million which is the least it has been since May 2009.

Aluminium prices also were bolstered by the expectation of new business opportunities in Europe as a result of positive economic stimulus. Equities have been trading high in Europe inching towards a seven-year high on January 26.

The commodity has also gained 1.4% this year, making it the best performing metal among the six listed on the LME.

Aluminum for delivery in three months rose 2.6 percent to $1,879 a metric ton at 5:51 p.m. on the LME, gaining the most since Jan. 16. Prices fell 1.9 percent in the previous two sessions.

Inventories have declined 3.1 percent this month.

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