The London Metal Exchange will enter 2023 with the smallest available warehouse stockpiles in at least 25 years, setting the stage for future squeezes and spikes.
This is what the de-growthers want. The climate crazies won’t let us mine, and China is doing it instead. Could the sanctions have anything to do with it?
“Available inventories of the six main metals traded on the LME plunged by two-thirds in 2022, with aluminum’s 72% decline accounting for the bulk of the drop, while zinc shrank by 90%. Collectively, inventories not already marked for withdrawal hit the lowest level in data going back to 1997 on Thursday and finished the year only fractionally higher.
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“The LME is facing regulatory probes and lawsuits over its actions during a runaway short squeeze in the nickel market in March that pushed several LME dealers to the brink of default, and is due to soon publish the results of an independent review into the crisis.
“Heading into 2023, a key debate across metals markets is whether a worldwide downturn in industrial activity and rebounding supply will help to replenish the industry’s threadbare reserves, while China’s recent reopening from Covid lockdowns adds further uncertainty.”
The London Metal Exchange will enter 2023 with the smallest available warehouse stockpiles in at least 25 years, setting the stage for future squeezes and spikes
Source without paywall:https://t.co/Kh9zcUNBwd pic.twitter.com/nhx3TytMFM
— Wall Street Silver (@WallStreetSilv) December 30, 2022
And of course this “Will not affect inflation!”