The LME headline figure has tracked sideways over the last few reporting days with neither arrivals nor draws showing any particular momentum Wednesday.
A day of zero cancellations saw the ratio of cancelled tonnage slide a bit further to 2.8% from its high last Wednesday of 3.2%.
That suggests few "surprises" in terms of draws in the coming days, meaning the rate of arrivals—currently equally subdued—will likely determine overall direction.
The bulls in this market point to the daily draws as a sign that the underlying dynamics of this market remain sound but in truth the bears could equally cite the continued daily arrivals as indicating the exact opposite. Jury out for now…
豫公网安备41010502003434号