LME-registered stocks of aluminium have fallen each of the last five reporting days but the downtrend lacks impetus and is more of a drift than anything else.
That’s because outside of Trieste and Singapore cancelled tonnage is low and will not support a sustained acceleration of draw activity from current levels. Those two were again in action yesterday and between them they still account for 15,425t of cancelled tonnage—57% of the total in the system.
Fresh cancellations continue to be subdued and the ratio of cancelled tonnage sank a little further yesterday to a highly modest 3.3%.
Monday’s warranting activity at Singapore was the first inflow at this location in a week. It was previously highly active on the “in” side and it will be interesting to see if the flow is resuming or whether yesterday’s landings were a one-off.
There was no movement of LME-registered alloy stocks yesterday.
LME-registered stocks of NASAAC fell by 6,540t last month and the downtrend has extended into the first day of the new month. We’d expect it to continue a while longer since cancelled tonnage, while off its recent highs, is still sufficient to support this sort of draw rate for some time yet.
Baltimore accounted for 340t of yesterday’s draws—and all of the day’s 100t of cancellations—with the balance of the action taking place at Owensboro.
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