MI alloy stocks analysis: More cancellations

LME-alloy stocks movement is becoming increasingly focused on Singapore with this location losing 100t of DIN226 ingot yesterday and accounting for the day's 900t of cancellations of the same specification metal. Singapore has seen 2,100t of metal cancelled over the last three reporting days. That's boosted cancelled tonnage here to 2,400t—equivalent to 8.2% of total registered tonnage—and lifted cancelled tonnage in the system as a whole. Trieste has been active on the "out" side recently and it was in action again yesterday, losing another 100t of A380 ingot, but cancelled tonnage has fallen to just 280t at this Italian location. That is still the second highest concentration after Singapore.