How is COMEX aluminum inventory measured?

COMEX aluminum inventory is measured in metric tons. Stocks are divided into warranted (registered) and non-warranted (eligible) categories, stored at approved delivery points across the United States.

What is the difference between warranted and non-warranted aluminum?

Warranted aluminum has been registered with the exchange and is available for delivery against futures contracts. Non-warranted aluminum meets exchange quality standards but has not been registered for delivery. This is equivalent to the registered/eligible distinction for precious metals.

How does COMEX aluminum compare to LME aluminum?

The LME (London Metal Exchange) is the world's largest aluminum futures exchange with global warehouse locations. COMEX aluminum futures provide a North American benchmark. Traders monitor both exchanges to assess regional supply-demand dynamics and arbitrage opportunities.

Why is aluminum inventory important?

Aluminum is the world's most widely used non-ferrous metal, critical for transportation, packaging, construction, and electrical applications. Warehouse inventory levels reflect the balance between smelter production and industrial consumption, providing insight into market tightness.

Why are energy costs important for aluminum?

Aluminum smelting requires enormous amounts of electricity — producing 1 tonne of aluminum requires roughly 15,000 kWh of electricity. Energy accounts for 30-40% of production costs, making aluminum prices highly sensitive to electricity prices, particularly in China where most smelting occurs.

COMEX Aluminum Inventory

Physical aluminum stocks at COMEX-approved delivery points

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Delivery Notices

Daily Delivery History

What Is COMEX Aluminum Inventory?

COMEX aluminum inventory represents the total physical aluminum stored at CME Group-approved delivery points. Unlike precious metals (measured in troy ounces), aluminum is measured in metric tons. Stocks are categorized as warranted (available for delivery against futures contracts) and non-warranted (meets quality standards but not registered for delivery).

Why Aluminum Inventory Matters

Aluminum is essential for lightweight construction in automotive, aerospace, packaging, and electrical transmission. Global production exceeds 65 million metric tons annually, with China producing over half. COMEX inventory levels provide insight into North American supply conditions and can signal shifts in industrial demand or trade flows.

COMEX Aluminum Futures Contract Specifications

The COMEX aluminum futures contract (symbol ALI) represents 44,000 pounds (approximately 20 metric tons) of primary aluminum. Deliverable aluminum must meet a minimum purity of 99.7% and conform to standard ingot or T-bar shapes. Delivery takes place at CME Group-approved warehouses in the United States.

While the LME (London Metal Exchange) remains the dominant global benchmark for aluminum pricing, COMEX aluminum futures provide a North American pricing reference that reflects regional supply- demand dynamics, tariff impacts, and Midwest premium conditions. The relationship between COMEX and LME aluminum prices is closely monitored by traders for arbitrage opportunities and regional premium signals.

Global Aluminum Market Dynamics

China produces approximately 60% of the world's aluminum, making it the dominant force in global aluminum markets. Chinese smelter capacity decisions, energy policies, and export quotas have an outsized impact on global pricing and inventory levels. Other significant producers include India, Russia, Canada, and the United Arab Emirates.

Energy costs are the single most important cost driver in aluminum production. Smelting is extraordinarily electricity- intensive, requiring roughly 15,000 kWh to produce one metric ton of aluminum. Energy accounts for 30-40% of total production costs, making aluminum prices highly sensitive to electricity prices and energy policy decisions, particularly in China.

Global aluminum inventory is tracked across three major exchanges: COMEX in the United States, the LME with warehouses worldwide, and the SHFE (Shanghai Futures Exchange) in China. The interplay between these three inventory pools reflects trade flows, regional demand patterns, and arbitrage activity. When COMEX inventory rises while LME stocks fall, it may indicate shifting trade flows or changes in regional demand.

Data Sources & Methodology

COMEX aluminum inventory data is sourced from the CME Group's daily warehouse stock reports. These reports are published each business day after market close and provide a breakdown of warranted and non-warranted aluminum stocks at each approved delivery point.

MetalCharts collects and processes this data daily, calculating net changes and tracking historical trends. Our charts and tables allow users to monitor stock movements over time and identify patterns in aluminum warehouse flows that may signal shifts in North American supply conditions.

Frequently Asked Questions

How is COMEX aluminum inventory measured?: COMEX aluminum inventory is measured in metric tons. Stocks are divided into warranted (registered) and non-warranted (eligible) categories, stored at approved delivery points across the United States.
What is the difference between warranted and non-warranted aluminum?: Warranted aluminum has been registered with the exchange and is available for delivery against futures contracts. Non-warranted aluminum meets exchange quality standards but has not been registered for delivery. This is equivalent to the registered/eligible distinction for precious metals.
How does COMEX aluminum compare to LME aluminum?: The LME (London Metal Exchange) is the world's largest aluminum futures exchange with global warehouse locations. COMEX aluminum futures provide a North American benchmark. Traders monitor both exchanges to assess regional supply-demand dynamics and arbitrage opportunities.
Why is aluminum inventory important?: Aluminum is the world's most widely used non-ferrous metal, critical for transportation, packaging, construction, and electrical applications. Warehouse inventory levels reflect the balance between smelter production and industrial consumption, providing insight into market tightness.
Why are energy costs important for aluminum?: Aluminum smelting requires enormous amounts of electricity — producing 1 tonne of aluminum requires roughly 15,000 kWh of electricity. Energy accounts for 30-40% of production costs, making aluminum prices highly sensitive to electricity prices, particularly in China where most smelting occurs.