Aluminum shows signs of life in the market. Prices remain stable. Inventories are rising a bit. Curious.

At the London Metal Exchange, canceled aluminum warrants jumped. They reached 42,850 tons. It's the highest point since June 2025. A daily increase of 32,000 tons. Impressive.

But not everything is rosy. The canceled warrants are now only 9% of the total inventory. They used to be 54%. It seems that physical demand has not been the best.

The on-warrant inventories decreased. The total inventory went up a little bit. 485,275 tons in total. This hasn't been seen since March 2025.

The prices for 3 months reached up to $2,625 per ton. People want to withdraw aluminum from the exchange. Interesting.

Malaysia is the center of attention. Most of the cancellations are coming from there. Perhaps there is more activity around those areas. But overall, physical demand remains weak. Inventories are still high compared to previous months. It appears to be a complicated market.