MI aluminium stocks analysis: LME arrivals still surging

Monday was the seventh consecutive reporting day to see accelerated warranting activity in the LME system with the bulk of the action this time switching to Rotterdam in the form of 6,900t of sow. Four locations have accounted for most of the recent inflow surge—Liverpool, Baltimore, Hull and now Rotterdam. Singapore has been a low-level constant on the "in" side in recent weeks, although Johor featured for the first time on the "in" side yesterday since late July. The draw rate is now accelerating as well in response to the much better level of cancellation in the system in the last week or so. That continued Monday with a total 5,075t moving into the cancelled category, which has lifted cancelled tonnage to its highest level since January.