Singapore inflow halts downtrend

The warranting of 3,000t at Singapore Tuesday brought the recent downtrend to a halt. It was the first significant arrival in the system for almost two weeks, over which time the headline figure had fallen by 12,500t.

However, the appearance of the metal at Singapore also coincided with a further slowing of "out" side activity which is a direct function of the very low rate of net cancellation over the previous three weeks—just 4,150t.

Monday's big cancellations have yet to translate into actual draws and until they do, departure rates could be set to remain highly modest.