MI aluminium stocks analysis: LME still stuck in neutral

LME stocks of aluminium remain stuck in neutral, the headline figure doing nothing more than shuffle sideways over the last couple of days. Note, however, that after one week's gap warranting activity has resumed at Singapore, which was a focal point of "in" side activity in the early part of this month. Note also yesterday's "reverse cancellations" at both Singapore and Gwangyang, which have cut into already subdued cancellation rates—the week-to-date total is just 2,050t and the ratio of cancelled tonnage has slid to 2.9%. Daily draw rates are already doing no more than ticking over and if this downtrend in cancelled tonnage continues, we'd expect a further slowing in the days ahead.