MI aluminium stocks analysis: LME edging lower

The LME aluminium stocks headline figure edged lower for the fourth consecutive day, bringing the cumulative decline over that period to 2,850t. It’s a highly modest amount and it’s worth remembering the figure is easing from a fresh 2007 high of 839,200t. The mini-downtrend has resulted from slower inflow at Singapore with draws maintaining a steady but unexciting daily pace. More of the same is on the cards with cancelled tonnage low and yesterday’s cancellations simply replacing what left. The ratio of cancelled tonnage in the system was unchanged Monday at 2.6%.