The drawdown in Shanghai Futures Exchange aluminum stocks last week was likely down to metal being removed from official warehouses and reallocated to private ones due to lower storage costs, says HARBOR Intelligence analyst Jorge Vazquez Serna. As much as 150,000 metric tons could be held outside Shanghai warehouses, Serna notes, amid booming aluminum production in China and a decline in exports. Shanghai stocks fell 3,985 tons to 95,392 tons. LME aluminum is last at $2,800/ton, down from $2,820/ton Friday.
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