The headline LME stocks figure was again stuck in neutral Monday with a tranche of landings at Singapore—the most consistent point of inflow in the last few weeks—offset by modest draws both there and elsewhere in the system.
Cancellations were a little perkier—actually the best rate of cancellation since the previous Monday. Note that they included all the remaining tonnage in the UK—the 825t of sow at Tyne & Wear.
This is part of a broader pattern of registered metal at the periphery of Europe being exhausted. All the tonnage in Italy—the 17,725t at Trieste—has been cancelled and will presumably go off the board shortly.
Registered tonnage in Sweden has been whittled away to just 7,200t, a 20,575t decline since the start of January 2007.
The process is starting to creep into core continental Europe with 300t of ingot being cancelled Monday at Bremen in North Germany.
As we looked at in Friday’s MI, there is a squeeze both on LME-registered tonnage and producer stocks in Europe. Fresh significant-volume deliveries have been few and far between this year, while robust underlying demand has seen LME stocks in the region nibbled away at.
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