LME-registered stocks of primary aluminium fell by a net 3,825t last week with modest draws outpacing even more modest arrivals.
The latter comprised 500t at Singapore, 2,125t at Baltimore, 2,350t at New Orleans and 75t at Long Beach, signalling which geographic area is still the point of maximum demand weakness.
Draws are no more than routine but being underpinned by daily movement at Trieste and Singapore, which account for the two largest concentrations of cancelled tonnage. The Italian location is seeing the slow movement of the 17,725t that were cancelled back on May 29. So far 7,800t have been drawn down and 9,925t are still sitting in the cancelled category.
Fresh cancellations were a steady 5,850t last week—in line with the previous week’s 5,925t—and the overall ratio of cancelled tonnage remains at a subdued 3.4%. That’s going to keep a cap on “out” side activity in the coming days with the possible exception of Singapore and Trieste, where the possibility exists for accelerated draws.
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