MI aluminium stocks analysis: Upwards creep

The LME headline figure crept a bit higher yesterday thanks to inflow at Gwangyang in South Korea and continued very low draw rates.

The latter are a function of the decline in cancelled tonnage up until Wednesday, when 9,925t were cancelled. Until those feed through into better draw rates, however, overall direction is going to remain a function of how much arrives in the system.

LME stocks are now showing a year-to-date increase of 137,175t, or 19.6%.