LME-registered stocks of primary aluminium registered their third consecutive "up" day Wednesday thanks to metal hitting the system at a number of locations. All have recently featured inflow with the exception of Bilbao. This Spanish location hasn't held warranted metal since July of last year.
It also runs counter to a trend of falling stocks in Europe. After the draw of the last registered metal at Tyne & Wear in the UK on Tuesday, yesterday it was Hamburg's turn to see stocks reduced to zero. Fellow north German location Bremen looks in danger of going the same way since yesterday's action reduced tonnage here to just 825t, of which 600t is now in the cancelled category.
Metal is also going steadily off the board at Trieste, although the pace of departure at this Italian location remains steady rather than dramatic with 13,425t still sitting in the cancelled category awaiting drawdown.
Fresh cancellations remain subdued and the overall ratio of cancelled tonnage continues to ease gently—now at 3.91%.
NYMEX-warranted stocks fell by 89 tons to 19,166 tons (17,387 metric) thanks to modest departures at Owensboro. Off-warrant stocks remain under pressure, now totalling 29,241 pieces—down by 105,457 since the start of January.
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