MI alloy stocks analysis: Up trend continues

LME-registered stocks of alloy rose by a net 340t last week, extending the weekly up trend that has been in place since late October. Modest draw activity at Genoa was offset by the warranting Thursday of 580t of A380 ingot at fellow Italian location Trieste.

Draws at Genoa should remain a feature of the daily warehouse reports going forward, since Friday brought another 500t of cancellations of A380 ingot, lifting cancelled tonnage at this location to 880t.