LME aluminium stocks movement was stuck in neutral yesterday with inflow and draws almost negating each other. That’s symptomatic of the broader picture since the LME headline figure has pottered around in an 824,000-838,000t range since late April.
There’s still little sign of any pending change to this pattern, particularly in terms of draw activity. It is currently being underpinned by steady daily movement at Singapore and Trieste in particular. The latter Italian location has now seen 6,525t drawn down from the 17,725t that were cancelled in late May and at current rates it seems set to remain a feature of the LME’s daily stocks reports for some time to come.
After a burst of cancellations Tuesday, Wednesday brought a sharp slowdown and the level of cancelled tonnage, both in outright terms and as a ratio of total registered tonnage—now 3.7%--suggests a continuation of current departure patterns.
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