LME-registered stocks of NASAAC fell by 1,300t last week with robust daily draws and no arrivals whatsoever. It was the fifth consecutive weekly decline but the headline figure is still showing a year-to-date increase of 9,320t, attesting to the strength of warranting activity in the first days of January.
There were 460t of fresh cancellations last week, which was an improvement on the previous week's 260t but not enough to prevent cancelled tonnage sliding from 2,280t to 1,440t over the course of the week. It is clear that without fresh cancellations soon, the pace of "out" side activity is going to lessen. What's there can only support the sort of draws seen last week for a couple more days.
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