LME-registered stocks of alloy fell by 1,300t last week, extending the long-running downtrend. It will run further this week—unless we see the first arrivals in the system since early February—but falling cancelled tonnage suggests that it will start losing momentum in the next few days.
Fresh cancellations fell to just 220t last week, while cancelled tonnage ended Friday at its lowest level since late March. There’s still enough there to support draws at Friday’s pace but another cumulative weekly decline such as that seen last week will leave the cancelled pipeline looking depleted.
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