MI alloy stocks analysis: Downtrend loses force

The long-running downtrend in LME-registered stocks of alloy seemed to lose force last week. There were no draws over Wednesday-Friday and the weekly decline of 180t was the smallest one since February.

Cancelled tonnage in the system rose from 1,800t to 2,040t over the course of the week, which suggests we will see draws kick into life again but without more cancellation activity, "out" side activity could remain slow in the coming days.