LME-registered stocks of NASAAC rose by a net 3,020t last week, wiping out two prior weeks' modest declines and propelling the headline figure to a fresh life-of-contract high of 150,200t on Thursday.
Draw rates were anaemic, reflecting a fall in cancelled tonnage to just 400t on Tuesday. Wednesday brought a heavy round of cancellation activity—2,120t—and more modest cancellations of 280t over Thursday and Friday leave the cancelled pipeline looking relatively replenished.
However, the market remains vulnerable to a resumption of the steady flow of metal onto LME warrant that has left stocks showing a year-to-date increase of 14,540t, or 10.7%.
豫公网安备41010502003434号