LME aluminium stocks declined by more than half during the first nine months of 2026, falling by 267,875 tonnes from 509,250 tonnes on January 2 to 241,375 tonnes on September 30 (52.6 per cent). The decline continued throughout the period, with average warehouse inventories falling each month. Compared with the same period in 2025, monthly average stocks were lower across all nine months, with the gap widening in the third quarter.
LME aluminium inventories continued to decline during Q1 2026. Month-end stocks fell from 495,725 tonnes in January to 465,550 tonnes in February, before dropping further to 416,775 tonnes in March.
Monthly average inventories stood at 498,670 tonnes in January, 481,801 tonnes in February and 440,710 tonnes in March. The average declined by 3.4 per cent in February and a further 8.5 per cent in March. The quarterly average was 472,934 tonnes, down 14.6 per cent from 553,479 tonnes in Q1 2025.
The year-on-year decline was also visible in each month’s average. January’s average was 18.2 per cent lower than the 609,380 tonnes recorded in January 2025. February’s average declined by 13 per cent from 554,008 tonnes a year earlier, while March was down 10.9 per cent from 494,414 tonnes.
Daily stocks in January reached a high of 509,275 tonnes on January 22 and a low of 483,000 tonnes on January 20. In February, the highest stock level was 497,175 tonnes on February 2, while the lowest was 465,550 tonnes on February 27. March recorded its highest inventory of 463,550 tonnes on March 2 and its lowest of 416,775 tonnes on March 31. Across Q1, stocks fell by 92,500 tonnes, or 18.2 per cent, between the highest and lowest daily readings.
The downward movement continued through Q2. LME aluminium stocks fell to 367,050 tonnes at the end of April, down 49,725 tonnes from March-end. Inventories decreased further to 338,000 tonnes in May and 303,675 tonnes in June.
Monthly average stocks declined from 389,598 tonnes in April to 347,403 tonnes in May and 320,314 tonnes in June. This represented month-on-month reductions of 10.8 per cent and 7.8 per cent, respectively. The Q2 average stood at 351,467 tonnes, down 11 per cent from the 394,879 tonnes recorded in Q2 2025.
On a monthly year-on-year basis, April’s average was 11.3 per cent lower than the 439,216 tonnes recorded in 2025. May’s average declined by 12 per cent from 394,876 tonnes, while June’s average was 9.2 per cent below the 352,656 tonnes recorded a year earlier.
Daily stocks in April reached a high of 414,175 tonnes on April 1 and a low of 367,050 tonnes on April 30. May recorded its highest inventory of 364,725 tonnes on May 1 and its lowest of 338,000 tonnes on May 30. In June, stocks reached a high of 337,700 tonnes on June 1 before falling to 303,675 tonnes on June 30. Across Q2, the difference between the quarter’s highest and lowest daily readings was 110,500 tonnes, or 26.7 per cent.