The LME headline stocks figure is stuck in neutral right now, managing only a marginal net rise of 775t last week, which leaves it still trapped in an 830,000-837,000t range.
Both inflow and outflow were subdued last week and the only talking-point was the mass cancellation of warrants at Trieste in Italy, where all 17,725t of registered tonnage was cancelled on Tuesday.
That’s served to flatter somewhat the overall cancelled tonnage indicators and will continue to do so until such time as this metal starts to move.
Stripping Trieste out of the cancelled tonnage figure leaves just 16,725t of cancelled metal scattered through the rest of the system. That’s a low level and one that is going to prevent any sustained acceleration in draw activity anywhere other than Trieste in the next few days.
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