More than 100,000 tons of aluminum stored at LME’s Gwangyang warehouse by Glencore
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Update time : 2023-02-10 20:34:39
It was understood that commodities trader and miner Glencore has stored more than 100,000 tons of aluminum in the London Metal Exchange (LME) registered warehouse in Gwangyang Port, South Korea. Glencore declined to comment on this news.
A RUSAL representative said the company hasn’t delivered any aluminum to LME warehouses and didn’t intend to do so.
Glencore inked a long-term contract with RUSAL for the aluminum supply of 6.9 million tons, of which approximately 1.6 million tons will be delivered annually in the period from 2021 to 2024.
Statistics showed that the LME aluminum inventories have risen by more than 30% since January 20, which has raised the cash discount over the three-month aluminum contract to nearly US$40 per ton.
