Inventories of aluminum, copper, nickel, and zinc, four of the main contracts traded on the London Metal Exchange, have plunged by up to 70 percent over the past year, as record power prices in Europe hit production and the Ukraine war threatened output from Russia, the Financial Times reports.
Traders and big consumers have tapped warehouses for the material amid the booming demand as economies have recovered from pandemic lockdown restrictions and supply chain disruptions.
