MI alloy stocks analysis: Gentle downtrend extends to 6 weeks

LME-registered stocks of alloy fell by 440t last week with no arrivals and draws from Genoa (160t), Trieste (60t), Antwerp (80t) and Rotterdam (140t). It was the sixth consecutive weekly decline and the headline figure is now showing a year-to-date fall of 1,140t, or 1.2%.

Last week brought 260t of fresh cancellations, off the pace of the previous week's 680t, but there's enough in the cancelled pipeline to feed this gentle downtrend for a few more days yet.