MI NASAAC stocks analysis: Up again

LME-registered stocks of NASAAC rose by a net 880t last week. It was the second consecutive weekly rise with the headline figure now some 5,000t off its 2007 low point of 125,080t seen on July 13. The turnaround over the last two weeks has come through accelerated inflow, particularly at Chicago, which received another 540t last week. It was joined Friday by Detroit which received 720t. Draws remained steady through the week and a re-acceleration in cancellation activity—there were 1,080t of them last week—suggests scope for a pick-up in “out” side activity in the coming days.