The strong downtrend in LME-registered stocks of alloy that has been in force since the start of this year now looks to be running out of steam. Draws have become much more sporadic in the last week or so with just 100t leaving in the last six reporting days.
Wednesday saw the “reverse” cancellation of 600t of A380 ingot at Trieste, which has sharply reduced the amount of cancelled tonnage in the system, also reinforcing the impression that the downtrend is approaching its end.
The warranting of 500t of small sow at Detroit Wednesday brought the downtrend to a temporary halt and we say “temporary” because despite a modest 60t “reverse cancellation” of ingot at Baltimore, there is still a large over-hang of cancelled metal awaiting drawdown.
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