MI NASAAC stocks analysis: Downtrend still in full flow

LME-registered stocks of NASAAC last week fell by 2,340t in what marked an acceleration of the downtrend. Cancellations at 600t were solid and up on the previous week’s 360t. Although cancelled tonnage in the system is falling, it is doing so only gradually and what is there will support continued solid draw rates for a few more days yet.