The huge influx of aluminium into the LME in the past week fuelled fears of a new round of trading games and a potential queue if that metal is in turn cancelled and buyers look to withdraw it from the exchange.

Exchange inventories rose by 131,075 tons, or 15%, to 1.03 million tons in data reported by the bourse today.

That was followed by an increase of over 500,000 tons last Friday. Three-month futures edged up slightly on the day’s trading.

Elsewhere, copper prices continued to move higher, trading at over US$10,200 (RM48,135.39) a ton to its highest level since 2022, after a powerful rally fuelled by forecasts of a growing global supply deficit.

Copper prices have defied typical indicators of soft demand, especially in China.

That was partly because investors saw tight mine supply creating a shortfall of the metal as early as this year.

“Investors are pricing beyond near-term cyclical uncertainty and weakness in physical demand indicators,” said a Citigroup Inc analyst in an emailed note yesterday.

The bank has forecasted copper climbing to US$10,500 (RM49,551.76) a ton in the near-term amid a “looming tightening” of supply.