The LME headline figure rose to a fresh 2007 high and its highest level since August 2004 yesterday thanks to accelerated warranting activity at Baltimore. The surge in inflow may not be unrelated to the fact that we have just traded the third-Wednesday prime date for April. Prime dates in the last few months have also been characterised by peaks in arrival rates.
All yesterday's warrantings at the US east coast location were in the form of T-bar, as was the much more modest inflow at St Louis.
Draws were actually a little perkier yesterday but that's not going to last. Already low cancelled tonnage was further undermined by “reverse cancellations” at both Singapore and Gwangyang in South Korea.
The ratio of cancelled tonnage has sunk to a fresh 2007 low of 1.8%. In outright terms cancelled tonnage of 14,900t is the lowest we've seen it since we began monitoring the LME daily stocks reports at the start of 2003.
Either way, already struggling draw rates look set to slow another gear over the next few days.
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