MI NASAAC stocks analysis: Huge inflow, cancelled tonnage slashed

Wednesday saw a massive transformation in LME stocks of NASAAC with huge inflow and a sharp cut in the amount of cancelled tonnage in the system. Chicago, which has been featuring steady arrivals for a couple of weeks, saw inflow accelerate to 3,220t Wednesday. That was split between 3,000t of small sow, 160t of large sow and 60t of ingot. The rest of the arrivals came at St Louis (200t of ingot) and Detroit (80t of T-bar). At the same time, cancelled tonnage was slashed thanks to 740t of “reverse cancellations” at Detroit—all in the form of T-bar. As a result cancelled tonnage is at its lowest level since mid-March, which is likely to take a lot of the wind out of what has been very robust “out” side activity in recent weeks.