Stockpiles of some of the world’s most important industrial metals have dropped to critically low levels as record power prices in Europe hit production and the war in Ukraine threatens output from Russia.
Inventories of aluminium, copper, nickel and zinc — four of the main contracts traded on the London Metal Exchange — have plunged by as much as 70 per cent over the past year, as traders and big consumers have tapped warehouses for material.
This has come against a backdrop of booming demand as economies have recovered from pandemic lockdown restrictions and supply chain disruptions.
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