LME-registered stocks of NASAAC last week fell for the second consecutive week with the pace picking up to 3,320t from 1,300t. More of the same seems to be on the cards because it was another strong week for fresh cancellations—5,040t in total.
The ratio of cancelled tonnage in the system is currently at 8.1%, which by the standards of other LME contracts is not particularly high but by the historical standards of NASAAC is very high indeed—the last time it was at this sort of level was back in Feb 2005.
The headline figure is still showing a year-to-date net gain of 4,740t—thanks to strong arrivals in early January—but unless we see more warranting activity soon, that looks set to steadily eroded in the coming days.
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