MI alloy stocks analysis: Still sliding

LME-registered stocks of alloy fell by another 560t last week, bringing the year-to-date decline to 21,600t, or 21.8%. There were more cancellations last week—320t in total—but that didn’t stop cancelled tonnage declining to its lowest level since early February. That should now start to cap draw rates going forwards, although any summer inflow of metal to the LME system remains conspicuous by its absence.