MI NASAAC stocks analysis: Inflow and big cancellations

The warranting of 900t of small sow at Chicago brought a one-month daily downtrend in LME-registered stocks of NASAAC to a halt.

However, the net rise masked another cancellation surge with a total 4,140t moving into this category. That's boosted the amount of cancelled tonnage in the system to a two-month high, promising a continuation of the recent robust draw rates.

Most of the cancellations—3,960t—came at Owensboro in a mix of small sow (2,960t), large sow (940t) and ingot (60t). The balance 180t came at Baltimore in the form of ingot.