MI NASAAC stocks analysis: Downtrend re-emerges

A second consecutive week of no arrivals and steady draws helped LME-registered NASAAC stocks resume the downtrend that was broken in the week to May 18 with a weekly decline of 520t.

Note that the headline figure is still only showing a marginal year-to-date net fall of 1,180t. But that said, there is an overhang of metal awaiting drawdown in the cancelled category, suggesting these daily draws are going to be with us for some time.