MI alloy stocks analysis: Cancellations jump

All the activity took place at Singapore yesterday. More interesting than the 60t of draws (in the form of DIN226 ingot) was the surge in cancellations—840t in total, also in the form of DIN226 ingot. That's re-inflated the cancelled pipeline, ensuring a solid rate of draw in the days ahead. Most of this "out" side activity is going to come at Singapore, which now holds 2,300t of cancelled stocks. The downtrend slowed to just 40t of draws out of Chicago Tuesday but another 140t of cancellations at Detroit (in the form of small sow) keeps the cancelled pipeline topped up.