MI alloy stocks analysis: Cancelled tonnage rises again

Surface movement of LME stocks of alloy marked no more than a continuation of the long-running downtrend Monday with 60t of DIN226 ingot leaving Singapore. However, more interesting was the continued accelerated cancellation activity. After last week's bumper crop of 2,200t, Monday brought another 380t, all in the form of DIN226 ingot and split between Rotterdam (300t) and Singapore (80t). That's lifted cancelled tonnage in the system to its highest level since late May and promises more robust draws in the days ahead.