Thanks Mariemac, the link got moderated. here is an extract from AFR
LME metal inventories plunge to critical levels
Inventories of base metals in London Metal Exchange warehouses have plummeted to critically low levels, sparking fresh concerns of a spike in prices that would leave physical commodity markets vulnerable to a short squeeze.
Available stockpiles across the six main contracts on the LME – copper, aluminium, zinc, lead, tin and nickel – have fallen to the lowest level on record based on data going back to 1997, Bloomberg says.Total LME inventory of the six metals has plunged to just 500,000 tonnes from about 6 million tonnes in 2010
“The fact inventories are drawing down as far as they have shows that we’re in a deficit market where strong demand is being met with short supply,” said James Stewart, portfolio manager of Ausbil’s Natural Resources Fund.
“When inventories drop to these sorts of levels, it means prices are likely to move higher, and also increases the likelihood of a squeeze.”
Source: AFR