MI alloy stocks analysis: Downtrend continuing

LME alloy stocks fell again last week, as they have done every week since mid-January. The latest 700t decline brings the cumulative year-to-date fall to 18,060t, or 18.2%. Arrivals remain conspicuous by their absence, while draws remain steady and will continue to be so for a while at least since fresh cancellations picked up to 520t, the best weekly level in three weeks.