LME warehouses in Baltimore received significant amounts of metal for the third consecutive day, yesterday’s 6,700t bringing the three-day total to 22,075t.
| LME Aluminium Stocks | ||||||
| Previous | In | Out | Total | Open | Cancelled | Change |
| 854,000 | 6,700 | 1,775 | 858,925 | 827,300 | 31,625 | +4,925 |
| Location | In | Out | Cancellations |
| Pusan | 0 | 475 | 2,400 |
| Gwangyang | 0 | 0 | 475 |
| Johor | 0 | 200 | 0 |
| Rotterdam | 0 | 0 | 75 |
| Singapore | 0 | 925 | 1,325 |
| Baltimore | 6,700 | 175 | 1,850 |
| Detroit | 0 | 0 | 100 |
| Longbeach | 0 | 0 | 75 |
That’s pushed the headline figure up to fresh 2007 and fresh three-year highs. It remains to be seen how long this accelerated inflow at the US east coast location is going to last.
However, it is masking an ongoing acceleration in cancellation activity, which has yet to feed through into actual draw rates.
There were another 6,100t of cancellations Wednesday, lifting the overall ratio of cancelled tonnage to 3.7%--a two-month high.
Pusan in South Korea in particular is featuring accelerated cancellation activity—a total 8,275t moving into this category in the last five reporting days. It could just be local industry re-stocking, or possible movement connected with the recently-awarded tenders for metal by the Korean stockpile manager. But we also note with interest newswire reports suggesting that Chinese consumers in Guangdong province have been enquiring about importing metal. This is far from usual and, if true, could mean hits on the nearest LME-registered stocks.
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