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The mystery of the missing stockpiles

Metal prices are down, but stockpiles are down further, leading to a question from ANZ Bank’s commodity research team: “Where has it gone?”

The mystery of the missing stockpiles The mystery of the missing stockpiles The mystery of the missing stockpiles The mystery of the missing stockpiles The mystery of the missing stockpiles

The "it" in the Australian bank's latest Commodity Call note to clients is the entire base metals complex of copper, aluminum, nickel, zinc and lead which have experienced a 70% fall in total exchange