MI NASAAC stocks analysis: Down in Feb but still up on year

LME-registered stocks of NASAAC fell by a net 3,220t in February but at the end of the month were still up by 11,280t on the start of the year. That's down to very heavy warranting activity in the first days of January.

Draw rates last month were robust, averaging 344t per day and that was enough to offset bouts of warranting activity at Chicago (3,220t), Detroit (240t) and Baltimore (200t).

Cancelled tonnage at the end of the month was still relatively high, promising a few more days of this sort of "out" activity.