MI alloy stocks analysis: Downtrend still running

The long-running downtrend in LME-registered stocks of alloy still has a bit of steam left in it despite the onset of the seasonal slowdown associated with the northern hemisphere summer. Stocks fell by another 380t last week with no fresh arrivals. Thanks to more cancellations—260t last week—cancelled tonnage looks as if it can support this sort of draw rate for a little longer yet.