MI NASAAC stocks analysis: Draw rate slows but not for long

Wednesday brought a noticeable slowdown in the rate of daily draw of LME stocks of NASAAC with “only” 80t of departures—60t from Baltimore and 20t from Saint Louis. The slowdown in “out” side activity looks set to a highly temporary feature since yesterday also brought 600t of fresh cancellations, boosting cancelled tonnage to one-month highs. They were split between Chicago (280t of ingot and 180t of small sow), Baltimore (80t of ingot) and St Louis (60t of ingot).