MI NASAAC stocks analysis: Downtrend slows…but not for long?

The downtrend in LME-registered stocks of NASAAC slowed to "just" 920t last week from 1,680t and 1,600t in the previous two weeks. However, this is probably no more than a blip, reflecting the closure of the US on Monday, which translated into subdued activity both on that day and on Tuesday. Indeed, fresh cancellations re-accelerated to 920t last week from 320t the previous week, which suggests a pick-up in the draw rate in the days ahead. The headline figure is now showing a year-to-date decline of 12,960t, or 9.6%.