Queues for aluminium halved at Istim warehouses in Port Klang
Waiting times for aluminium at Istim warehouses in Port Klang, Malaysia, fell to just 30 days at the end of November, according to the London Metal Exchange’s latest queue report.
This queue time is significantly lower than the 71 days recorded at the end of October.
There has been a queue for aluminium at Istim warehouses in Port Klang every month so far in 2020.
Queues for aluminium built due to a large amount of cancellations at Port Klang, but there was a steady stream of deliveries out through November.
LME data shows that aluminium has been delivered out of Port Klang every day since October 22.
From Istim warehouses specifically, 52,525 tonnes of aluminium was delivered out in November with none delivered in.
As of the end of November, there was 388,935 tonnes of aluminium sitting in Istim LME-approved warehouses, of which just 17% was cancelled stock booked for delivery. This is down from 27% at the end of October.
Other queues disappear
The only other queue on the LME network was a small one-day queue for aluminium, copper, lead and zinc at Istim’s warehouses in Johor, Malaysia. Down from three days at the end of October.
But previous queues which were in place at the end of October have gone. In Gwangyang there was previously a 16-day wait time emerging at P Global Services NV warehouses for copper, lead and aluminium.
P Global Services NV warehouses in Port Klang also had a 19-day wait for copper, lead, aluminium and zinc.