MI alloy stocks analysis: First inflow since February

Bilbao received 300t of A380 ingot yesterday in what represented the first inflow of alloy into the LME system since February. The Spanish location now holds 500t of exchange-registered metal. With draws slowing - Rotterdam and Vlissingen each lost 40t Monday - in response to lower cancelled tonnage, it is a moot point whether we are seeing the first sign of a reversal to the downtrend that has been in place for so many months.