MI aluminium stocks analysis: Bias remains to the “out” side

The bias of LME-registered aluminium stocks movement remained to the “out” side for the fifth consecutive reporting day Tuesday. Singapore continues to receive metal daily but the drop in warranting activity here is the main reason for the decline in the headline figure. Draws remain steady and still unexciting reflecting low levels of cancelled tonnage in the system. Tuesday brought a slight pick-up in fresh cancellation activity but only marginally so. In outright terms cancelled tonnage remains low as does the ratio of cancelled tonnage at 2.7%.