LME-registered stocks of primary aluminium fell by 2,125t last week with both inflow and draws running at subdued levels.
The action was heavily concentrated on Singapore, which received 3,575t and lost 3,700t, generating a net decline of 125t.
US locations accounted for all the other inflow to the system—a cumulative total of 2,100t. That extends recent trends and fits in with reports of a weak local market, where premiums remain under pressure.
However, note that LME events are not being mirrored on the NYMEX. Here warranted stocks remain low at 12,503 tons (11,343 metric)—they haven't moved for the last two weeks—and off-warrant stocks continue to wither. They now total 58,962 pieces, down by 76,736 on the year-to-date.
Back with the LME, fresh cancellations dropped off to 4,275t last week from 12,925t the previous week and although cancelled tonnage is still above the lows seen a couple of weeks ago, it is trending lower as is an already low ratio of cancelled tonnage at 2.6%.
That leaves the headline figure sensitive to any pick-up in arrival rates in the coming days.
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