NEW YORK Jan 9 Aluminum stocks stored outside
of the London Metal Exchange totaled 2.1 million tonnes at the
end of 2013 and are expected to rise this year, Alcoa Inc
Executive Vice President and Chief Financial Officer William
Oplinger said on Thursday.
The forecast made in a conference call to discuss
fourth-quarter earnings comes amid growing concerns about
depleting availability of metal, particularly in the United
States, where physical prices have hit all-time highs.
Premiums paid on top of the LME benchmark price for physical
delivery have soared this week, even as the global market
struggles with an unprecedented surplus.
Traders are putting more metal in long-term storage deals
outside of the exchange network because of lower rent prices,
effectively removing metal from the market available to
consumers, who use aluminum to make beverage cans and automotive
sheet, market participants said.