MI NASAAC stocks analysis: Downtrend still in full force

As with LME stocks of alloy, those of NASAAC remain subject to a long-running downtrend. Last week brought no arrivals and 1,200t of draws, leaving the headline figure showing a year-to-date decline of 14,160t, or 10.4%. Fresh cancellations are still taking place almost daily—but not Friday—with a total 720t moving into this category last week. Cancelled tonnage is drifting gently lower but there's enough there and enough fresh cancellation activity to suggest this downtrend has more legs in it yet.