MI NASAAC stocks analysis: Downtrend extended

LME-registered stocks of NASAAC fell by 880t last week, extending a weekly downtrend that has now been in place since late July. That time-frame coincides with the last significant arrivals in the LME system, since when the action has been 99% one-way. There were indications that the rate of daily draw was slowing as last week progressed—a function of sliding cancelled tonnage. But a fresh 660t of cancellations mitigated the extent of the slide and what's still in the cancelled category will feed this sort of draw rate for several more days yet.