The first significant arrivals of NASAAC in the LME system for several weeks brought a three-week downtrend to a resounding halt.
Chicago received 500t of small sow and Owensboro 900t of the same specification, which more than offset a solid daily draw rate and generated a net weekly rise of 720t.
While it remains to be seen whether we’re in for more of the same this week, we can say that the “out” side of the equation should remain unchanged. Last week’s 680t of draws were just about fully made up by 660t of fresh cancellations, keeping the cancelled pipeline primed for further steady draws in the days ahead.
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