Opening Bell: Base Metals Market Update

The opening stock of aluminium at LME warehouses was 592,175 t of which Live warrants were 380,875 t and cancelled warrants were 211,300 t. Nickel stocks were assessed at 72,894 t of which Live warrants were 62,598 t and cancelled warrants 10,296 t. Warrants are documents representing entitlement to LME metal lots. While aluminium stocks fell by 16% m-o-m, nickel stocks were largely stable. Notably, copper stocks rose by 61% m-o-m to 128,775 t.