LME Aluminum ·as of September 11, 2026
LME Aluminum warehouse stock is 244.1K mt as of September 11, 2026, down 1.7% in the past 30 days.
The Desk's read
On-warrant LME aluminum, metal warranted for delivery in LME-approved sheds, sits at 244,100 mt, the lowest level in the 19-year record. This is the pile everyone draws from to settle a futures contract, and it has thinned rather than built; the 30-day change of -3.0% keeps it near the drain side of everything we track. Price is the story the tape tells; this is what the sheds actually hold. We watch the next daily LME stocks report for the following reading after 2026-09-11.
On the September 11, 2026 figures.
Aluminum cash settled $24 above the 3-month contract on September 11, 2026. Buyers are paying a premium for prompt metal (backwardation).
Measured in metric tons (mt). Set against LME Aluminum's 19-year recorded history, today's warehouse stock is lower than most of what's on record, a relatively thin warehouse. Over the past ~50 weeks it has moved in line with its usual pace.
Total stock: 244.1K mt · The Desk's LME Feed
24h Change
-0.10%
7d Change
-0.17%
30d Change
-1.7%
Cash Price
$3,274
USD per tonne, official LME settlement
3-Month Price
$3,250
USD per tonne, delivery in three months
Cash vs 3-Month
Backwardation
cash $24 over 3-month · 4 straight sessions
Meanwhile, around this number
Rate of build · past 12 months
483.8K → 244.1K mt
Pace in line with its usual ~50-week range since 2008.
Eased off the recent peak of 558.1K mt.
What a build means
Warehouse metal is metal that was produced or imported but not used. Over the past year LME Aluminum was drawn down by -239,675 mt, which tends to point to tightening supply, not a price call.
All-Time High
5.49M mt
January 16, 2014 · current 95.6% below
All-Time Low
244.1K mt
September 11, 2026 · current 0.0% above
Where Today Sits
the lowest in its record
19-year daily record · 0th percentile
All six LME warehouses
Total Stock History
LME Aluminum total stock
June 15, 2026 to September 11, 2026
Source: London Metal Exchange official daily warehouse reports via Westmetall. Units: metric tonnes of total stock. Daily history back to 2008; long windows are downsampled to 500 plotted points.
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How to Read This Data
Metal in LME-listed warehouses is the market's visible, exchange-tracked supply; a drain or build here changes how tight physical metal reads.
- On-Warrant Stock
- Metal directly claimable against active futures contracts. This is the most liquid form of LME inventory and the focus of most squeeze analysis.
- Cash vs 3-Month
- The gap between metal for delivery now (cash) and in three months. Cash above 3-month (backwardation) signals near-term tightness. 3-month above cash (contango) is the normal carry state.
- Depletion Signals
- Rapidly falling inventory alongside rising prices signals physical scarcity — a potential squeeze. Watch on-warrant levels closely near delivery dates.
Common questions
- When did LME Aluminum total stock last fall below 250K mt?
- LME Aluminum total warehouse stock fell below 250K mt on August 14, 2026 and stands at 244.1K mt as of September 11, 2026.
- When did LME Aluminum total stock last fall below 300K mt?
- LME Aluminum total warehouse stock fell below 300K mt on July 3, 2026 and stands at 244.1K mt as of September 11, 2026.
More questions
- What is the current LME Aluminum on-warrant inventory?
- LME Aluminum warehouse stock stood at 244.1K mt as of September 11, 2026, per the daily LME warehouse report. The daily series we publish is total stock in LME-approved warehouses; the on-warrant/cancelled split is not reported in that feed, so we do not state an on-warrant figure.
- What is on-warrant stock on the LME?
- On-warrant stock is metal in LME-approved warehouses that is backed by a live warrant and available to settle contracts. It is the most liquid, immediately deliverable form of LME inventory and the figure most watched for squeeze risk.
- What is a cancelled warrant?
- A cancelled warrant is metal that an owner has earmarked for physical withdrawal from the warehouse. It is still on site but on its way out, so a rising share of cancelled warrants points to metal leaving the deliverable pool.
- What does falling LME inventory signal?
- Steadily falling on-warrant stock, especially alongside rising cancelled warrants and firmer prices, points to tightening physical availability. It tends to coincide with delivery pressure rather than predicting a price move on its own.
- What do contango and backwardation mean on the LME?
- Contango means metal for delivery in three months costs more than metal for delivery today, the normal state, because storing and financing metal has a cost. Backwardation is the reverse: cash metal costs more than the 3-month contract, which usually signals near-term tightness in physical supply.