Stocks of aluminium registered with the Shanghai Futures Exchange (SHFE) fell by a net 1,212 to 32,595t in the week to Thursday.
They have been declining steadily since the middle of March but the headline figure is still showing a (Western) year-to-date net increase of 14,013t thanks to very fast stocks build around the Lunar New Year holidays back in February.
Meanwhile, the LME headline figure continues to track sideways with little momentum coming from either the “in” or the “out” side. The net movement so far this week has been a marginal decline of 500t.
Note that cancelled tonnage is falling again back towards the very low levels seen in the closing stages of April, suggesting that already subdued draw activity is going to slow further in the days ahead.
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