Tuesday brought a noticeable pick-up in warranting activity with the daily inflow at Singapore supplemented by more arrivals in the US, this time at Detroit and New Orleans. This seems to be a function of a very slow local market—see our main item above—but it's not all one-way traffic since LME locations in the US continue to see daily draws and yesterday accounted for all the day's cancellations.
Draws were subdued Tuesday, largely because the flow of metal off the board at Trieste slowed to a trickle after two days of accelerated draws.
Cancellations did little more than replace what left with the result that the overall ratio of cancelled tonnage was unchanged on the day at 3.9%. With the exception of Trieste, which holds 13,975t, cancelled tonnage is generally low and that will cap "out" side activity in the coming days.
Note that yesterday's action at Tyne & Wear exhausted LME-registered tonnage in the UK. After a long downtrend, it was reduced to a remnant 825t of sow by January of this year—all at the northeast location. This was cancelled on Jun 4 and has now gone.
豫公网安备41010502003434号