MI alloy stocks analysis: Downtrend slows

LME-registered stocks of alloy fell again last week—extending a weekly downtrend that has been running since February—but the pace dropped to just 100t. That was a function of low cancelled tonnage in the system and although it rose by a net 120t last week, cancelled tonnage still looks low and that should continue to constrain “out” side activity in the coming days. The headline figure is now showing a year-to-date decline of 21,700t, or 21.9%.