MI NASAAC stocks analysis: Net build in July

Tuesday’s action is symptomatic of NASAAC stocks developments over the course of July with steady draws being offset by arrivals at Chicago. The headline figure recorded a net 1,960t build last month with robust daily “out” activity negated by accelerated inflow at Chicago—5,160t in total—and to a lesser extent at Detroit (800t) and St Louis (200t). Activity looks set to remain two-way because fresh cancellations are coming through daily still—there were another 400t yesterday—suggesting no let-up in daily “out” rates any time soon.