MI aluminium stocks analysis: First signs of movement at Trieste

Tuesday brought the first—albeit limited—sign of movement of metal at Trieste, the Italian location where all 17,725t of registered tonnage was cancelled at the start of last week.

The wholesale raid on Trieste has led our sources to suggest this metal will go off the board fairly quickly. As such, Tuesday’s activity may be the start of bigger movement, which will inflate draw activity in the next few days.

Bear in mind that the cancelled tonnage at Trieste accounts for almost half of that in the system as a whole and low cancelled tonnage elsewhere is going to keep a lid on draw activity at other locations.

Meanwhile, metal continues to seep onto warrant at Singapore, which has been a key focal point for arrivals in recent weeks.