Jul 14 (Bloomberg)--Orders to draw aluminum from warehouses monitored by the London Metal Exchange advanced for the first time in nine days on a jump in Toledo, Ohio.
The orders, known as canceled warrants, rose 2,550 metric tons to 384,550 tons, exchange data showed today. The bookings at Toledo jumped 10,125 tons. Warehouses in the port city, located about 50 miles south of Detroit, store 75,475 tons of aluminum.
Aluminum inventories tracked by the LME extended declines, driven by drops in the U.S., U.K. and Singapore. Stockpiles fell 7,900 tons to 4.41 million tons, the lowest level since Jan. 12. Inventories have retreated 6.3 percent since May 24.
Zinc stockpiles fell 250 tons to 893,975 tons. Canceled warrants declined 2,125 tons to 40,675 tons. They climbed to this year’s high of 54,025 tons on July 5.
"It appears that the LME warehouse stocks have merely been reshuffled, as the last week saw some huge inflows," Citigroup Inc. analysts including David Thurtell in Singapore said in a monthly report today.