In this Metals & Mining Watch, we peer into the murky world of aluminium stocks on the LME. We ask whether LME stocks data are, and can expected to be, reliable indicators of the economic drivers which underpin movements in aluminium prices. Having considered the present context of various LME stocks indicators, we run through the recent history of how well they have explained aluminium price movements. We conclude that the signals that stocks data may appear to provide about the fundamentals in the aluminium market have been, and will continue to be, distorted by financial activity.
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