The headline figure recorded its fourth consecutive "down" day Wednesday, largely thanks to a sharply reduced rate of arrivals in the LME system. Indeed, yesterday’s 975t was the slowest day for "in" side activity since Jan 10 and that slightly flattered the net movement.
Draws themselves were also slower, which was to be expected given the slide in cancelled tonnage. Rotterdam was the main feature, again unsurprisingly since it holds the largest number of cancelled warrants—7,975t now.
However, with fresh cancellation rates still anaemic—just 2,400t so far this week—cancelled tonnage in both outright terms and expressed as a ratio of total registered tonnage (3.0%) is starting to look very low again.
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