MI alloy stocks analysis: Still trending lower

Draws have dropped a gear over the last few days—just 60t of A380 ingot out of Genoa Monday—but every time we think the long-running downtrend in LME alloy stocks is about to fizzle out, it gets another injection of life via fresh cancellations. There were 440t of them last week and yesterday brought another 200t—in the form of DIN226 ingot at Vlissingen.