MI aluminium stocks analysis: SHFE extends up trend

Stocks of primary aluminium registered with the Shanghai Futures Exchange (SHFE) rose by a net 1,827t to 68,010t in the week to Thursday. That extends the current up trend to six successive weeks, although the headline figure is still some way short of its 2007 high of 99,377t recorded in early March just after the Lunar New Year holidays. The LME stocks up trend also remained firmly in place Thursday, although the inflow switched from Baltimore to Chicago in the US. It's the first time this particular location has featured since the surge of arrivals began at the start of the month. Draws remained robust and it was a case of back to normal for fresh cancellations, which totalled 4,675t after Wednesday's small negative movement. The cancelled pipeline will support solid daily draw activity for several more days yet, although any impact on the headline figure will remain a function of arrival rates.