Total world aluminum inventories in May fell by 40,000 metric tons to 2.89 million tons, from a revised 2.93 million tons in April, according to figures released by the International Aluminum Institute.
May’s figure was up 1.339 million tons from May 2006’s 1.551 million tons.
Meanwhile, the global refined copper market was in a 104,000 metric-ton deficit in March, according to data released by the International Copper Study Group showed.
This follows a deficit of 51,000 tons for the previous month, and leaves copper’s supply-and-demand balance for the first three months of the year in a 143,000-ton deficit.
The ICSG doesn’t take into account changes in China’s State Reserve Bureau stocks, which were unreported and might affect the calculation of China’s consumption. When taking into account adjustments for seasonal variations, the March copper market was in a 50,000-ton deficit, the ICSG said.
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