MI NASAAC stocks analysis: Year-to-date change still marginal

LME-registered stocks of NASAAC fell by 620t last week with no arrivals and steady daily draws. However, the year-to-date net change is still a marginal 660t decline, reflecting the heavy build at the start of January and the recent odd hefty landing of fresh material in the system.

It was a good week for cancellations—at 1,280t it was the highest weekly total since the end of March—which should ensure daily draws remain robust going forwards. As ever, though, we are wary of the potential for more large tranches to hit the system and keep that year-to-date change in the marginal category.